Document:

Exhibit

MARVELL TECHNOLOGY GROUP LTD. 
AMENDED AND RESTATED 1995 STOCK OPTION PLAN
STOCK UNIT AGREEMENT (DEFERRED STOCK UNITS)
1.Grant.  The Company hereby grants to the participant named in the Notice of Grant (the “Participant”) an Award of restricted stock units (“Stock Units”), subject to all of the terms and conditions in this Stock Unit Agreement (the “Agreement”) and the Plan, which is incorporated herein by reference.  Subject to Section 15 of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Agreement, the terms and conditions of the Plan will prevail.  Capitalized terms used herein but not defined shall have the same meaning as ascribed in the Plan.
2.    Company’s Obligation to Pay.  Each Stock Unit represents the right to receive a Share on the date it vests.  It is a bookkeeping entry that represents only the Company's unfunded and unsecured promise to issue Shares (or distribute cash) on a future date.  As a holder of Stock Units, Participant has no rights other than the rights of a general creditor of the Company.  Unless and until the Stock Units will have vested in the manner set forth in Section 3, Participant will have no right to payment of any such Stock Units.  Prior to actual payment of any vested Stock Units, such Stock Unit will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.  Any Stock Units that vest in accordance with Sections 3 or 4 will be paid to Participant (or in the event of Participant’s death, to his or her estate or legal representative) in whole Shares, subject to Participant satisfying any applicable tax withholding obligations as set forth in Section 7.  
Subject to the provisions of Section 4, such vested Stock Units will be paid in Shares in accordance with Participant’s applicable Stock Unit Election Form entered into with respect to the grant of Stock Units for the calendar year of the date of grant (the “Election Form”).  The Company and Participant acknowledge and agree that this Award of Stock Units is considered deferred compensation within the meaning of Section 409A (as defined below) and is intended to comply with the same so as to avoid the imposition of additional taxes thereunder.
Notwithstanding anything in the Election Form to the contrary, the Administrator reserves the authority in its sole discretion to settle all Shares deferred under the Election Form upon a “change in control” of the Company (within the meaning of Section 409A) in accordance with Treasury Regulation Section 1.409A-3(j)(ix).
3.    Vesting Schedule.  Except as provided in Section 4, and subject to Section 5, the Stock Units awarded by this Agreement will vest in accordance with the vesting provisions set forth in the Notice of Grant.  Stock Units scheduled to vest on a certain date or upon the occurrence of a certain condition will not vest in Participant in accordance with any of the provisions of this Agreement, unless Participant has provided Continuous Service (defined below) from the date of grant until the date such vesting occurs.  If you go on an approved leave of absence, then the vesting schedule specified in the Notice of Grant will be adjusted to suspend vesting in accordance with the terms and conditions governing the approved leave of absence and, if applicable, the Company’s 

    

leave of absence policy as then in effect and as the Company may adopt and/or adjust from time to time.  For the purpose of this Agreement, “Continuous Service” means that a Participant’s employment and/or consulting relationship with the Company or a Parent or Subsidiary or service as an Outside Director is not interrupted or terminated.  Continuous Service is not interrupted by (i) any leave of absence approved by the Company; (ii) transfers between locations of the Company or between the Company, a Parent, a Subsidiary, or any successor; or (iii) changes in status from Employee to Consultant or Outside Director or from Consultant or Outside Director to Employee.
4.    Administrator Discretion.  The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the unvested Stock Units at any time, subject to the terms of the Plan.  If so accelerated, such Stock Units will be considered as having vested as of the date specified by the Administrator.
For U.S. tax purposes, notwithstanding anything in the Plan or this Agreement to the contrary, if the vesting of the balance, or some lesser portion of the balance, of the Stock Units is accelerated in connection with Participant’s termination of Continuous Service (provided that such termination is a “separation from service” within the meaning of Section 409A, as determined by the Company), other than due to death, and if (x) Participant is a “specified employee” within the meaning of Section 409A at the time of such termination of Continuous Service and (y) the payment of such accelerated Stock Units will result in the imposition of additional tax under Section 409A if paid to Participant on or within the six (6) month period following Participant’s termination of Continuous Service, then the payment of such accelerated Stock Units will not be made until the date six (6) months and one (1) day following the date of Participant’s termination of Continuous Service, unless the Participant dies following his or her termination of Continuous Service, in which case, the Stock Units will be paid in Shares to the Participant’s estate as soon as practicable following his or her death.  It is the intent of this Agreement to comply with the requirements of Section 409A so that none of the Stock Units provided under this Agreement or Shares issuable thereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply.  For purposes of this Agreement, “Section 409A” means Section 409A of the Code and any Treasury Regulations and Internal Revenue Service guidance thereunder, as each may be amended from time to time.
5.    Forfeiture upon Termination of Continuous Service.  Notwithstanding any contrary provision of this Agreement, the balance of the Stock Units that have not vested as of the time of Participant’s termination of Continuous Service for any or no reason and Participant’s right to acquire any Shares hereunder will immediately terminate.  The date on which Continuous Service terminates shall not be extended by any notice of termination period requested to be given under local law; such termination date will be considered to be the last date of active employment.
6.    Death of Participant.  Any distribution or delivery to be made to Participant under this Agreement will, if Participant is then deceased, be made to Participant’s designated beneficiary, or if no beneficiary (or legal representative for employees outside the U.S.) survives Participant, the administrator, executor or legal representative of Participant’s estate.  Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any local or 

    

foreign laws or regulations pertaining to said transfer.
7.    Withholding of Taxes.  Regardless of any action the Company or Participant’s employer (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related items related to Participant’s participation in the Plan and legally applicable to Participant (“Tax-Related Items”), Participant acknowledges that the ultimate liability for all Tax-Related Items is and remains Participant’s responsibility and may exceed the amount actually withheld by the Company or the Employer.  Participant further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Stock Unit, including, but not limited to, the grant, vesting or settlement of the Stock Unit, the issuance of Shares upon settlement of the Stock Unit, the subsequent sale of Shares acquired pursuant to such issuance; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Stock Unit to reduce or eliminate Participant’s liability for Tax-Related Items or achieve any particular tax result.  Further, if Participant has become subject to tax in more than one jurisdiction between the date of grant and the date of any relevant taxable event, Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
Prior to any relevant taxable or tax withholding event, as applicable, Participant will pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items.  In this regard, Participant authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following:
(i)    withholding from Participant’s wages or other cash compensation paid to Participant by the Company, the Employer and/or any Subsidiary; or
(ii)    withholding from proceeds of the sale of Shares acquired upon vesting/settlement of the Stock Unit either through a voluntary sale or through a mandatory sale arranged by the Company (on Participant’s behalf pursuant to this authorization); or
(iii)    withholding in Shares to be issued upon vesting/settlement of the Stock Unit.
To avoid negative accounting treatment, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates.  If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, Participant is deemed to have been issued the full number of Shares subject to the vested Stock Unit, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of Participant’s participation in the Plan.
Participant shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of Participant’s participation in the Plan that cannot be satisfied by the means previously described in 

    

this Section.
If Participant fails to make satisfactory arrangements for the payment of any required tax withholding obligations hereunder at the time any applicable Stock Units otherwise are scheduled to vest pursuant to Sections 3 or 4, Participant will permanently forfeit such Stock Units and any right to receive Shares thereunder and the Stock Units will be returned to the Company at no cost to the Company.
Notwithstanding the terms of Participant’s Election Form, the Administrator may accelerate the payment of vested Stock Units to pay for FICA tax imposed under Code Section 3101 and the income tax withholding related to such FICA amount in accordance with Treasury Regulation Section 1.409A-3(j)(vi).
8.    Rights as Shareholder.  Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a shareholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant.  After such issuance, recordation and delivery, Participant will have all the rights of a shareholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares.
9.    Nature of Grant.  In accepting the grant, Participant acknowledges that:
(a)    the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time;
(b)    the grant of the Stock Unit is voluntary and occasional and does not create any contractual or other right to receive future grants of Stock Units, or benefits in lieu of Stock Units, even if Stock Units have been granted repeatedly in the past;
(c)    all decisions with respect to future Stock Unit grants, if any, will be at the sole discretion of the Company;
(d)    Participant’s participation in the Plan shall not create a right to further employment with the Employer and shall not interfere with the ability of the Employer to terminate Participant’s employment or service relationship (if any) at any time;
(e)    Participant is voluntarily participating in the Plan;
(f)    the Stock Unit and the Shares subject to the Stock Unit are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company, the Employer or any Subsidiary, and is outside the scope of Participant’s service or employment contract, if any;
(g)    the Stock Unit and the Shares subject to the Stock Unit are not intended to replace any pension rights or compensation;

    

(h)    the Stock Unit and the Shares subject to the Stock Unit are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company, the Employer or any Subsidiary;
(i)    the Stock Unit grant and Participant’s participation in the Plan will not be interpreted to form an employment contract or relationship with the Company or any Subsidiary of the Company;
(j)    the future value of the underlying Shares is unknown and cannot be predicted with certainty;
(k)    in consideration of the Award of Stock Units, no claim or entitlement to compensation or damages shall arise from forfeiture of the Stock Units resulting from termination of Participant’s Continuous Service with the Company, the Employer or any Subsidiary (for any reason whatsoever and whether or not in breach of local labor laws), and Participant irrevocably releases the Company, the Employer, and any Subsidiary from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, Participant shall be deemed irrevocably to have waived Participant’s entitlement to pursue such claim;
(l)    in the event of termination of Participant’s Continuous Service (whether or not in breach of local labor laws), Participant’s right to vest in the Stock Unit under the Plan, if any, will terminate effective as of the date that Participant is no longer actively employed and will not be extended by any notice period mandated under local law (e.g., active Continuous Service would not include a period of “garden leave” or similar period pursuant to local law); the Administrator shall have the exclusive discretion to determine when I am no longer actively employed for purposes of Participant’s Stock Unit grant;
(m)    the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant’s participation in the Plan;
(n)    Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the Plan; and
(o)    the Stock Unit and the benefits under the Plan, if any, will not automatically transfer to another company in the case of a merger, take-over or transfer of liability.
10.    Data Privacy Notice and Consent.  Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant’s personal data as described in this Agreement and any other Stock Unit grant materials by and among, as applicable, the Employer, the Company and its Subsidiaries for the exclusive purpose of implementing, administering and managing Participant’s participation in the Plan.

    

Participant understands that the Company and the Employer may hold certain personal information about Participant, including, but not limited to, Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Stock Units or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor, for the exclusive purpose of implementing, administering and managing the Plan (“Data”).
Participant understands that Data will be transferred to Smith Barney, E*Trade or to any other third party assisting in the implementation, administration and management of the Plan.  Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than Participant’s country.  Participant understands that Participant may request a list with the names and addresses of any potential recipients of the Data by contacting Participant’s local human resources representative.  Participant authorizes the Company, Smith Barney, E*Trade and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Participant’s participation in the Plan.  Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant’s participation in the Plan.  Participant understands that Participant may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing Participant’s local human resources representative.  Participant understands, however, that refusing or withdrawing Participant’s consent may affect Participant’s ability to participate in the Plan.  For more information on the consequences of Participant’s refusal to consent or withdrawal of consent, Participant understands that Participant may contact Participant’s local human resources representative.
11.    No Guarantee of Continued Service.  PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE STOCK UNITS PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY PROVIDING CONTINUOUS SERVICE AT THE WILL OF THE EMPLOYER AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OF STOCK UNITS OR ACQUIRING SHARES HEREUNDER.  PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT FOR CONTINUOUS SERVICE FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE EMPLOYER TO TERMINATE PARTICIPANT’S CONTINUOUS SERVICE AT ANY TIME, WITH OR WITHOUT CAUSE.
12.    Address for Notices.  Any notice to be given to the Company under the terms of this 

    

Agreement will be addressed to the Company at its corporate headquarters, or at such other address as the Company may hereafter designate in writing.
13.    Grant is Not Transferable.  This Award of Stock Units may not be transferred in any manner otherwise than by will or by the laws of descent or distribution.  The terms of Award of Stock Units shall be binding upon the executors, administrators, heirs, successors and assigns of Participant.
14.    Plan Governs.  This Agreement is subject to all terms and provisions of the Plan.  In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan will govern.
15.    Binding Agreement.  Subject to the limitation on the transferability of this grant contained herein, this Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.
16.    Additional Conditions to Issuance of Stock.  If at any time the Company will determine, in its discretion, that the listing, registration or qualification of the Shares upon any securities exchange or under any U.S. state or federal law, any local or foreign law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant (or his or her estate or legal representative), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Company.  Where the Company determines that the delivery of the payment of any Shares will violate federal securities laws or other applicable laws, the Company will defer delivery until the earliest date at which the Company reasonably anticipates that the delivery of Shares will no longer cause such violation.  The Company will make all reasonable efforts to meet the requirements of any such U.S. state or federal law, or any local or foreign securities exchange, and to obtain any such consent or approval of any such governmental authority.
17.    Administrator Authority.  The Administrator will have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Stock Units have vested).  All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons.  No member of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement.
18.    Electronic Delivery and Participation.  The Company may, in its sole discretion, decide to deliver any documents related to Stock Units awarded under the Plan or future Stock Units that may be awarded under the Plan by electronic means or request Participant’s consent to participate in the Plan by electronic means.  Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company.

    

19.    Captions.  Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
20.    Agreement Severable.  In the event that any provision in this Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement.
21.    Modifications to the Agreement.  This Agreement constitutes the entire understanding of the parties on the subjects covered.  Participant expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein.  Modifications to this Agreement or the Plan can be made only in an express written contract executed by a duly authorized officer of the Company.  Notwithstanding anything to the contrary in the Plan or this Agreement, the Company reserves the right to revise this Agreement as it deems necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Section or to otherwise avoid imposition of any additional tax or income recognition under Section 409A in connection to this Award of Stock Units.
22.    Amendment, Suspension or Termination of the Plan.  By accepting this Award, Participant expressly warrants that he or she has received an Award of Stock Units under the Plan, and has received, read and understood a description of the Plan.  Participant understands that the Plan is discretionary in nature and may be amended, suspended or terminated by the Company at any time.
23.    Governing Law.  This Agreement shall be governed by the laws of the State of California, without giving effect to the conflict of law principles thereof.  For purposes of litigating any dispute that arises under this Award of Stock Units or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of California, and agree that such litigation will be conducted in the courts of Santa Clara County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this Award of Stock Units is made and/or to be performed.
24.    Language.  If Participant has received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.
25.    Appendix.  Notwithstanding any provisions in this Agreement, the Stock Unit grant shall be subject to any special terms and conditions set forth in any Appendix to this Agreement for Participant’s country.  Moreover, if Participant relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable in order to comply with local law or facilitate the administration of the Plan.  The Appendix constitutes part of this Agreement.
26.    Imposition of Other Requirements.  The Company reserves the right to impose other 

    

requirements on Participant’s participation in the Plan, on the Stock Unit and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and to require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

    

APPENDIX FOR PARTICIPANTS OUTSIDE THE U.S. 
MARVELL TECHNOLOGY GROUP LTD.
AMENDED AND RESTATED 1995 STOCK OPTION PLAN
STOCK UNIT AGREEMENT
Terms and Conditions
This Appendix to the Stock Unit Agreement for Participants Outside the U.S. (the “Agreement”) includes additional terms and conditions that govern the Stock Units granted to Participant if he or she resides in one of the countries listed herein.  This Appendix forms part of the Agreement.  Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Agreement and/or the Marvell Technology Group Ltd.  Amended and Restated 1995 Stock Option Plan (the “Plan”).
If Participant is a citizen or resident of a country other than the one in which Participant is currently working, transfers employment to another country after the Stock Units are granted, or is considered a resident of another country for local law purposes, the Company shall, in its sole discretion, determine to what extent the terms and conditions included herein will apply to Participant.
Notifications
This Appendix also includes information regarding exchange controls and certain other issues of which Participant should be aware with respect to Participant’s participation in the Plan.  The information is based on the securities, exchange control and other laws in effect in the respective countries as of October 2012.  Such laws are often complex and change frequently.  As a result, the Company strongly recommends that Participant not rely on the information noted herein as the only source of information relating to the consequences of Participant’s participation in the Plan because the information may be out of date at the time Participant vests in the Stock Units or sells Shares acquired under the Plan.
In addition, the information is general in nature and may not apply to Participant’s particular situation, and the Company is not in a position to assure Participant of any particular result.  Accordingly, Participant is advised to seek appropriate professional advice as to how the relevant laws in his or her country may apply to Participant’s situation.
Finally, if Participant is a citizen or resident of a country other than the one in which Participant is currently working, transfers employment to another country after the Stock Units are granted, or is considered a resident of another country for local law purposes, the information contained herein may not be applicable to Participant.
BELGIUM 
Notifications
Tax Reporting Notification.  Participant is required to report any brokerage or bank accounts 

    

opened and maintained outside Belgium on his or her annual tax returns.
CANADA
Terms and Conditions
Settlement of Stock Units.  The following provision supplements Section 2 of the Agreement:
Notwithstanding Section 13(c) of the Plan, Stock Units will be settled in Shares only, not cash.
Forfeiture upon Termination of Continuous Service.  This provision supplements Section 5 of the Agreement:
In the event of termination of Participant’s Continuous Service for any reason (whether or not in breach of local labor laws), Participant’s right to vest in Stock Units under the Plan, if any, will terminate effective as of the date that is the earlier of:  (1) the date Participant receives notice of termination of Continuous Service from the Employer, or (2) the date Participant is no longer actively providing Continuous Service, regardless of any notice period or period of pay in lieu of such notice required under applicable law (including, but not limited to statutory law, regulatory law and/or common law).  The Administrator shall have the exclusive discretion to determine when Participant is no longer actively providing Continuous Service for purposes of Participant’s Stock Unit grant.
The following provisions will apply to Participant if he or she is a resident of Quebec:
Language Consent.  The parties acknowledge that it is their express wish that this Agreement, as well as all documents, notices, and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.
Consentement Relatif à la Langue Utilisée.  Les parties reconnaissent avoir exigé la rédaction en anglais de cette Convention, ainsi que de tous documents exécutés, avis donnés et procédures judiciaries intentées, directement ou indirectement, relativement à ou suite à la présente convention.
Data Privacy Notice & Consent.  This provision supplements Section 10 of the Agreement:
Participant hereby authorizes the Company and the Company’s representatives to discuss and obtain all relevant information from all personnel, professional or non-professional, involved in the administration of the Plan.  Participant further authorizes the Company, its Subsidiaries and the Administrator to disclose and discuss the Plan with their advisors.  Participant further authorizes the Company and its Subsidiaries to record such information and to keep such information in Participant’s employee file.
Notifications
Securities Law Notification.  Participant acknowledges that he or she is permitted to sell Shares acquired under the Plan through the designated broker appointed under the Plan, if any, provided the 

-2-
    

sale of the Shares acquired under Plan takes place outside of Canada through the facilities of a stock exchange on which the Shares are listed (i.e., the NASDAQ Stock Market).
CHINA
The following Terms and Conditions and Notifications apply only to Participants who are subject to the exchange control restrictions under Circular 7 (or any successor regulations), as determined by the Company in its sole discretion.
Terms and Conditions
Supplemental Rules for China Employees.  By accepting the Stock Units, Participant acknowledges and agrees to be bound by the terms of the Supplemental Rules of Marvell Stock Plans for China Employees.
Sale of Shares.  Marvell may require employees to sell Shares immediately at vesting or upon termination of Continuous Service to facilitate compliance with the exchange control laws in China.  If Participant does not sell his or her outstanding Shares within the time required by the Company, Participant hereby authorizes the Company to instruct the designated broker to sell the Shares on Participant’s behalf, and expressly authorizes the Company’s designated broker to complete the sale of Shares.  Participant agrees to sign any forms and/or consents required by the broker to effectuate the sale of Shares.  Participant acknowledges that the broker is under no obligation to arrange for the sale of Shares at any particular price.  Upon the sale of Shares, Participant understands that the Company agrees to pay Participant the cash proceeds from the sale of Shares, less any brokerage fees or commissions, and subject to Participant’s obligation to satisfy Tax-Related Items.  Participant understands that the proceeds from the sale of Shares may need to be repatriated to China pursuant to the below provision, and Participant agrees to comply with all requirements the Company may impose in order to facilitate compliance with exchange control requirements in China prior to receipt of the cash proceeds.  Participant acknowledges that he or she is not aware of any material nonpublic information with respect to the Company or any securities of the Company as of the date of this Agreement.
Exchange Control Restrictions.  Participant understands and agrees that, pursuant to local exchange control requirements, Participant will be required to immediately repatriate any cash proceeds from the sale of Shares and the receipt of any dividends to China.  Participant further understands that, under applicable laws, such repatriation of the proceeds will be effected through a special exchange control account established by the Company, a Subsidiary or the Employer, and Participant hereby consents and agrees that the proceeds from the sale of Shares and the receipt of any dividends may be transferred to such special account prior to being delivered to Participant.
Participant also understands that the Company will deliver the proceeds to Participant as soon as possible, but there may be delays in distributing the funds to Participant due to exchange control requirements in China.  Proceeds will be paid to Participant in U.S. dollars.  Participant will be required to set up a U.S. dollar bank account in China so that the proceeds may be deposited into this account.

-3-
    

Participant further agrees to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China.
DENMARK 
Notifications
Exchange Control and Tax Reporting Notification.  Participant may hold Shares acquired under the Plan in a safety-deposit account (e.g., a brokerage account) with either a Danish bank or with an approved foreign broker or bank.  If the Shares are held with a non-Danish broker or bank, Participant is required to inform the Danish Tax Administration about the safety-deposit account.  For this purpose, Participant must file a Declaration V (Erklaering V) with the Danish Tax Administration.  Both Participant and the bank/broker must sign the Declaration V.  By signing the Declaration V, the bank/broker undertakes an obligation, without further request each year not later than on February 1 of the year following the calendar year to which the information relates, to forward certain information to the Danish Tax Administration concerning the content of the safety-deposit account.  In the event that the applicable broker or bank with which the safety-deposit account is held does not wish to, or, pursuant to the laws of the country in question, is not allowed to assume such obligation to report, Participant acknowledges that he or she is solely responsible for providing certain details regarding the foreign brokerage or bank account and any Shares acquired under the Plan and held in such account to the Danish Tax Administration as part of Participant’s annual income tax return.  By signing the Form V, Participant at the same time authorizes the Danish Tax Administration to examine the account.  A sample of the Declaration V can be found at the following website:  www.skat.dk/getFile.aspx?Id=47392 
In addition, when Participant opens a deposit account or a brokerage account for the purpose of holding cash outside of Denmark, the bank or brokerage account, as applicable, will be treated as a deposit account because cash can be held in the account.  Therefore, Participant must also file a Declaration K (Erklaering K) with the Danish Tax Administration.  Both Participant and the bank/broker must sign the Declaration K.  By signing the Declaration K, the bank/broker undertakes an obligation, without further request each year, not later than on February 1 of the year following the calendar year to which the information relates, to forward certain information to the Danish Tax Administration concerning the content of the deposit account.  In the event that the applicable financial institution (broker or bank) with which the account is held, does not wish to, or, pursuant to the laws of the country in question, is not allowed to assume such obligation to report, Participant acknowledges that he or she is solely responsible for providing certain details regarding the foreign brokerage or bank account to the Danish Tax Administration as part of Participants annual income tax return.  By signing the Declaration K, Participant at the same time authorizes the Danish Tax Administration to examine the account.  A sample of Declaration K can be found at the following website:  www.skat.dk/getFile.aspx?Id=42409&newwindow=true.
FINLAND
There are no country-specific provisions.

-4-
    

FRANCE
Terms and Conditions
French Language Provision.  By accepting the Agreement providing for the terms and conditions of Participant’s grant, Participants confirms having read and understood the documents relating to this grant (the Plan and the Agreement) which were provided in English language.  Participant accepts the terms of those documents accordingly.
En acceptant le Contrat d’Attribution décrivant les termes et conditions de l’attribution, le participant confirme ainsi avoir lu et compris les documents relatifs à cette attribution (le Plan U.S. et le Contrat d’Attribution) qui ont été communiqués en langue anglaise.  Le participant accepte les termes en connaissance de cause.
Notifications
Exchange Control Notification.  Participant may hold Shares outside France, provided Participant declares any bank or stock account opened, held or closed abroad to the French tax authorities on an annual basis.  Furthermore, Participant must declare to the customs and excise authorities any cash or securities Participant imports or exports without the use of a financial institution when the value of the cash or securities exceeds €10,000.
GERMANY 
Notifications
Exchange Control Notification.  Cross-border payments in excess of €12,500 must be reported monthly to the German Federal Bank.  If Participant makes or receives a payment in excess of this amount, Participant is responsible for obtaining the appropriate form from a German bank and complying with applicable reporting requirements.  In addition, Participant must report any receivables or payables or debts in foreign currency exceeding an amount of €5,000,000 on a monthly basis.  Finally, Participant must also report his or her share holding on an annual basis, in the unlikely event, that Participant holds shares representing 10% or more of the total or voting capital of the Company.
HONG KONG
Terms and Conditions
Settlement of Stock Units.  The following provision supplements Section 2 of the Agreement:
Notwithstanding Section 13(c) of the Plan, Stock Units will be settled in Shares only, not cash.
Sale of Shares.  To facilitate compliance with securities laws in Hong Kong, Participant agrees not to sell any Shares issued at vesting of the Stock Units within six months of the Date of Grant.

-5-
    

Nature of Scheme.  The Company specifically intends that the Plan will not be an occupational retirement scheme for purposes of the Occupational Retirement Schemes Ordinance (“ORSO”).  Notwithstanding the foregoing, if the Plan is deemed to constitute an occupational retirement scheme for the purposes of ORSO, Participant’s grant shall be void.
Notifications
Securities Law Notification.  Warning:  The Stock Units and Shares issued at vesting do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Company, its Parent, Subsidiaries or affiliates.  The Agreement, including this Appendix, the Plan and other incidental Award documentation have not been prepared in accordance with and are not intended to constitute a “prospectus” for a public offering of securities under the applicable securities legislation in Hong Kong, nor has the Award documentation been reviewed by any regulatory authority in Hong Kong.  The Stock Units are intended only for the personal use of each eligible employee of the Employer, the Company, its Parent or any Subsidiary or affiliate and may not be distributed to any other person.  If Participant is in any doubt about any of the contents of the Agreement, including this Appendix, or the Plan, Participant should obtain independent professional advice.
INDIA
Notifications
Exchange Control Notification.  Participant understands that Participant must repatriate any proceeds from the sale of Shares acquired under the Plan and the receipt of any dividends to India within 90 days of receipt.  Participant must obtain a foreign inward remittance certificate (“FIRC”) from the bank where Participant deposits the foreign currency and must maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or the Employer requests proof of repatriation.  It is Participant’s responsibility to comply with applicable exchange control laws in India.
Because exchange control restrictions in India change frequently, Participant is advised to consult with his or her personal advisor before taking any action under the Plan.
Foreign Assets Reporting.  Participant understands that he or she is required to declare any foreign bank accounts and any foreign financial assets (including Shares held outside India) in his or her annual tax return.  Participant understands that he or she is solely responsible for complying with this reporting obligation and that Participant is advised to confer with his or her personal tax advisor in this regard.
ISRAEL
Terms and Conditions
Plan Appendix for Israeli Employees.  The Stock Unit is granted to Participant pursuant to the rules of the Appendix to the Amended and Restated 1995 Stock Plan of Marvell Technology Group Ltd. in 

-6-
    

respect of Israeli Employees (the “Israeli Appendix”), and is subject to the terms and conditions as stated in the Israeli Appendix, the Plan, the Notice of Grant and Agreement, including this Appendix.  By accepting the Stock Unit, Participant acknowledges and agrees to be bound by the terms of the Israeli Appendix.
ITALY
Terms and Conditions
Data Privacy Consent.  This consent replaces in its entirety Section 10 of the Agreement:
Participant understands that the Employer, the Company, and any Subsidiary may hold certain personal information about Participant, including, but not limited to, Participant’s name, home address and telephone number, date of birth, social insurance or other identification number, salary, nationality, job title, any Shares or directorships held in the Company or any Subsidiary, details of all Stock Units, or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor, for the exclusive purpose of implementing, managing and administering the Plan (“Data”).
Participant also understands that providing the Company with Data is necessary for the performance of the Plan and that Participant’s refusal to provide such Data would make it impossible for the Company to perform its contractual obligations and may affect Participant’s ability to participate in the Plan.  The controller of personal data processing is Marvell Semiconductor, Inc. with registered offices at 5488 Marvell Lane, Santa Clara, California, 95054, United States of America, and, pursuant to Legislative Decree no. 196/2003, its representative in Italy is Marvell Italia S.R.L., with registered offices at Viale Della Republica 38, 27100, Pavia, Italy.
Participant understands that Data will not be publicized.  Participant understands that Data may also be transferred to the independent registered public accounting firm engaged by the Company.  Participant further understands that the Company and/or its Subsidiaries, will transfer Data among themselves as necessary for the purpose of implementing, administering and managing Participant’s participation in the Plan, and that the Company and its Subsidiaries may each further transfer Data to banks, other financial institutions, brokers or other third parties assisting the Company in the implementation, administration, and management of the Plan, including any requisite transfer of Data to a broker or other third party with whom Participant may elect to deposit any Shares acquired at vesting of the Stock Units.  Such recipients may receive, possess, process, retain, and transfer Data in electronic or other form, for the purposes of implementing, administering, and managing Participant’s participation in the Plan.  Participant understands that these recipients may be located in or outside the European Economic Area, such as in the United States or elsewhere.  Should the Company exercise its discretion in suspending all necessary legal obligations connected with the management and administration of the Plan, it will delete Data as soon as it has completed all the necessary legal obligations connected with the management and administration of the Plan.
Participant understands that Data processing related to the purposes specified above shall take place under automated or non-automated conditions, anonymously when possible, that comply with the 

-7-
    

purposes for which Data is collected and with confidentiality and security provisions, as set forth by applicable laws and regulations, with specific reference to Legislative Decree no. 196/2003.
The processing activity, including communication, the transfer of Data abroad, including outside of the European Economic Area, as herein specified and pursuant to applicable laws and regulations, does not require Participant’s consent thereto, as the processing is necessary to performance of contractual obligations related to implementation, administration, and management of the Plan.  Participant understands that, pursuant to Section 7 of the Legislative Decree no. 196/2003, Participant has the right to, including but not limited to, access, delete, update, correct, or terminate, for legitimate reason, the Data processing.
Furthermore, Participant is aware that Data will not be used for direct-marketing purposes.  In addition, Data provided can be reviewed and questions or complaints can be addressed by contacting Participant’s local human resources representative.
Terms of Grant.  Participant acknowledges that Participant has read and specifically and expressly approves, without limitation, the following sections of the Agreement:  “Withholding of Taxes”; “Nature of Grant”; “Data Privacy Notice and Consent” as replaced by the above consent; “Governing Law”; “Language;” and “Imposition of Other Requirements.”
Notifications
Tax/Exchange Control Notification.  Participant is required to report the following on his or her annual tax return:  (1) any transfers of cash or Shares to or from Italy exceeding €10,000, (2) any foreign investments or investments held outside of Italy at the end of the calendar year exceeding €10,000 if such investments (including cash or Shares) may result in income taxable in Italy, and (3) the amount of the transfers to and from abroad which have had an impact during the calendar year on Participant’s foreign investments or investments held outside of Italy.  Under certain circumstances, Participant may be exempt from the requirement under (1) above if the transfer or investment is made through an authorized broker resident in Italy.
JAPAN
Notifications
Foreign Assets Reporting Notification.  Participant is required to report details of any assets held outside of Japan as of December 31, including Shares, to the extent such assets have a total net fair market value exceeding ¥50,000,000.  Such report will be due from Participant by March 15 each year.  Participant is responsible for complying with this reporting obligation and is advised to confer with his or her personal tax advisor in this regard.
KOREA 
Notifications
Exchange Control Notification.  Korean residents who realize US$500,000 or more in a single 

-8-
    

transaction from the sale of Shares or the receipt of any dividends are required to repatriate the proceeds to Korea within 18 months of the receipt.
MALAYSIA 
Notifications
Director Notification Obligation.  If Participant is a director of a Subsidiary or other related company in Malaysia, Participant is subject to certain notification requirements under the Malaysian Companies Act.  Among these requirements is an obligation to notify the Malaysian Subsidiary in writing when Participant receives an interest (e.g., Stock Units, Shares) in the Company or any related companies.  In addition, Participant must notify the Malaysian Subsidiary when Participant sells shares of the Company or any related company (including when Participant sell Shares acquired under the Plan).  These notifications must be made within 14 days of acquiring or disposing of any interest in the Company or any related company.
Insider Trading Notification.  Participant should be aware of the Malaysian insider trading rules, which may impact the acquisition or disposal of Shares under the Plan.  Under the Malaysian insider trading rules, Participant is prohibited from acquiring or selling Shares or rights to Shares (e.g., Stock Units) when in possession of information that is not generally available and that Participant knows or should know will have a material effect on the price of Shares once such information is generally available.
NETHERLANDS
Terms and Conditions
Nature of Grant.  The following provision supplements Section 9 of the Agreement:
By accepting the Stock Units and participating in the Plan, Participant acknowledges that the Stock Units granted under the Plan are intended as an incentive for Participant to remain in Continuous Service with the Employer and are not intended as remuneration for labor performed.
Notifications
Insider-Trading Notification.  Participant should be aware of Dutch insider-trading rules, which may impact the sale of Shares issued to Participant at vesting of the Stock Units.  In particular, Participant may be prohibited from certain transactions involving Shares if Participant has insider information regarding the Company.
By accepting the Stock Unit granted hereunder and participating in the Plan, Participant acknowledges having read and understood this Insider-trading Notification and further acknowledges that it is his or her responsibility to comply with the following Dutch insider-trading rules:
Under Article 5:56 of the Dutch Financial Supervision Act, anyone who has “inside information” 

-9-
    

related to an issuing company is prohibited from effectuating a transaction in securities in or from the Netherlands. “Inside information” is defined as knowledge of specific information concerning the issuing company to which the securities relate that is not public and which, if published, would reasonably be expected to affect the stock price, regardless of the development of the price.  The insider could be any employee of a Parent, Subsidiary or affiliate in the Netherlands who has inside information as described herein.
Given the broad scope of the definition of inside information, certain participants working at a Parent, Subsidiary or affiliate in the Netherlands may have insider information and thus, would be prohibited from effectuating a transaction in securities in the Netherlands at a time when they have such inside information.
Please note that the Company cannot be held liable if Participant violates the Dutch insider-trading rules.  If Participant is uncertain whether the insider-trading rules apply to Participant, Participant should consult his or her personal legal advisor.
SINGAPORE 
Notifications
Securities Law Notification.  The Award of Stock Units is being made in reliance of section 273(1)(f) of the Securities and Futures Act (Cap. 289) (“SFA”) the “Qualifying Persons” exemption under the SFA.  The Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore.  Participant should note that the Award of Stock Units is subject to section 257 of the SFA and Participant will not be able to make (i) any subsequent sale of Shares in Singapore or (ii) any offer of such subsequent sale of Shares subject to the Stock Units in Singapore, unless such sale or offer in is made pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA (Chapter 289, 2006 Ed.).
Director Notification Obligation.  If Participant is a director, associate director or shadow director of a Subsidiary or other related entity in Singapore, Participant is subject to certain notification requirements under the Singapore Companies Act.  Among these requirements is an obligation to notify the Company’s Singapore Subsidiary in writing when Participant receives an interest (e.g., an Award or Shares) in the Company or any related company.  In addition, Participant must notify the Company’s Singapore Subsidiary when Participant sell Shares or shares of any related company (including when Participant sell Shares issued upon vesting of the Stock Units).  These notifications must be made within two business days of acquiring or disposing of any interest in the Company or any related company.  In addition, a notification of Participant’s interests in the Company or any related company must be made within two business days of becoming a director.
SPAIN
Terms and Conditions
Agreement.  By accepting the Stock Units, Participant acknowledges and agrees to be bound by the 

-10-
    

terms of the Plan and the Agreement, including this Appendix.  Participant understands and agrees that the Company offers Stock Units without any previously existing obligation based on the terms and conditions in the Plan and the Agreement and conditioned on the Participant’s express acceptance of those terms and conditions.  But for Participant’s agreement to those terms and conditions, the Stock Units would not be granted.
Adjustment of Vesting Period.  This provision supplements Section 3 of the Agreement:
Participant acknowledges that the vesting period of any Stock Units may be adjusted and lengthened as a result of a leave of absence.
Forfeiture upon Termination of Continuous Service.  This provision supplements Section 5 of the Agreement:
Participant acknowledges and agrees that the Stock Units will automatically cease vesting and be forfeited without any compensation whatsoever in the event of any type of termination of Continuous Service, regardless of the reason for the termination.  The Plan does not under any circumstances permit vesting after termination of Continuous Service including but not limited to cases of death, disability, retirement, unfair dismissal, constructive dismissal, resignation, or any other cases of termination.  Given the possible required forfeiture under the Plan and Agreement, Participant should have no expectation that the Stock Units will eventually vest.
Termination of Active Continuous Service:  This provision supplements Section 9(l) of the Agreement:
Participant understands and agrees that for purposes of the Stock Units, the date that the Participant ceases providing active services to the Company or the Employer in the case of dismissal that is formalized pursuant to Spanish law will be the date of termination indicated in the letter of dismissal provided by the Employer, without prejudice to (i) any notice period that may be required by local law during which compensation may be due, (ii) any additional period during which social security payment obligations may continue,  (iii) any post-termination interim salary (“salarios de tramitación”) that may be due, (iv) any official termination date that may apply under local law or due to court resolution or due to any settlement agreement agreed for other purposes, and/or (v) any other rights or obligations that may continue to exist under local law after the Termination Date.  Upon termination of active Continuous Service, Participant shall forfeit any Stock Units effective the date active Continuous Service ceases.
Languages.  A translation into Spanish of the Plan and the Agreement, including the Appendix, are attached to this document.  In the event of any discrepancy between the meaning of the Spanish and English versions of the documents, the English version will prevail.
Acknowledgement of Receipt and Express Acceptance.  By signing below and returning a copy of the signed Agreement and Appendix to the Company, Participant expressly acknowledges that he or she has received a copy of the Plan and the Agreement, including this Appendix, in Spanish and English, and he or she expressly accepts and agrees to the accept the Stock Units grant subject to the 

-11-
    

specific terms and conditions of the Plan and the Agreement, including this Appendix.

Participant Signature:      
Participant Name (Print):      
Date:      

Notifications
Securities Law Notification.  No “offer of securities to the public”, as defined under Spanish law, has taken place or will take place in the Spanish territory regarding the Stock Units.  No public offering prospectus has been, nor will it be, registered with the Comisión Nacional del Mercado de Valores (Spanish Securities Exchange Commission) (“CNMV”).  Neither the Plan nor the Agreement constitute a public offering prospectus and they have not been, nor will they be, registered with the CNMV.
Exchange Control Notification.  Participant must declare any Shares that are acquired under the Plan to the Dirección General de Comercio e Inversiones of the Ministry of Industry, Tourism and Commerce (the “DGCI”).  After the initial declaration, the declaration must be filed with the DGCI on an annual basis each January while the Shares are owned.
When receiving foreign payments exceeding €50,000 derived from the participation in the Plan (e.g., dividends or sales proceeds), Participant must inform the financial institution receiving the payment of the basis upon which such payment is made.  Participant will need to provide the institution with certain information, including (i) his/her name, address and tax identification number, (ii) the name and corporate domicile of the Company, (iii) the amount of the payment and the currency used, (iv) the country of origin, (v) the reasons for the payment, and (vi) any further information that may be required.
SWEDEN
There are no country-specific provisions.
SWITZERLAND 
Notifications
Securities Law Notification.  The Stock Unit offered is considered a private offering in Switzerland and is, therefore, not subject to registration in Switzerland.
TAIWAN

-12-
    

Exchange Control Notification.  Participant may remit and acquire up to US$5,000,000 per year in foreign currency (including proceeds from the sale of Shares or the receipt of any dividends) without justification.
If the transaction amount is TWD500,000 or more in a single transaction, Participant must submit a Foreign Exchange Transaction Form.  In addition, if the transaction about is US$500,000 or more, Participant may be required to provide additional supporting documentation to the satisfaction of the bank involved in the transaction.  Participant should consult with his or her personal advisor to ensure compliance with applicable exchange control laws in Taiwan.
UNITED KINGDOM
Terms and Conditions
Tax Withholding.  This provision supplements Section 7 of the Agreement:
Participant agrees that, if Participant does not pay or the Employer or the Company does not withhold from Participant the full amount of income tax that Participant owes at vesting of the Stock Unit, or the release or assignment of the Stock Unit for consideration, or the receipt of any other benefit in connection with the Stock Unit (the “Taxable Event”) within 90 days after the Taxable Event, or such other period specified in Section 222(1)(c) of the U.K.  Income Tax (Earnings and Pensions) Act 2003, then the amount that should have been withheld shall constitute a loan owed by Participant to the Employer, effective 90 day after the Taxable Event.  Participant agrees that the loan will bear interest at the Her Majesty’s Revenue and Customs’ (“HMRC’s”) official rate and will be immediately due and repayable by Participant, and the Company and/or the Employer may recover it at any time thereafter by any of the means set forth in Section 7 of the Agreement.
Notwithstanding the foregoing, if Participant is an officer or executive director (as within the meaning of Section 13(k) of the U.S. Securities and Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply.  In the event that Participant is an officer or executive director and income tax is not collected from or paid by Participant within 90 days of the Taxable Event, the amount of any uncollected income tax may constitute a benefit to Participant on which additional income tax and national insurance contributions (“NICs”) may be due.  Participant will be responsible for reporting and accounting for any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Company or the Employer, as applicable, for the value of any NICs due on this additional benefit.
Joint Election.  The Company reserves the right to transfer Secondary Class 1 NICs to the Participant.  As a condition of participating in the Plan, the Participant acknowledges and agrees that the Participant may be liable for the Secondary Class 1 NICs which may be payable by the Company or the Employer (or by any successor to the Company or the Employer) with respect to the acquisition of Shares pursuant to the Stock Units, the assignment or release of the Stock Units for consideration, or the receipt of any other benefit in connection with the Stock Units and that liability for the Secondary Class 1 NICs payments may be transferred to the Participant to the fullest extent permitted by law.

-13-
    

If the Company chooses to transfer the Secondary Class 1 NICs, and without limitation to the above, the Participant agrees to make an election, in the form specified and/or approved for such election by HMRC, that the liability for the Secondary Class 1 NICs payments on any such gains shall be transferred to the Participant (the “Election”).  The Participant further agrees to execute such other elections as may be required between the Participant and any successor to the Company and/or the Employer.  The Participant hereby authorizes the Company and the Employer to withhold such Secondary Class 1 NICs by any of the means set forth in Section 7 of the Agreement if and when such Secondary Class 1 NICs are transferred to the Participant.
Further, if the Company chooses to transfer the Secondary Class 1 NICs payments and the Participant does not make an Election, or the approval of the Election is been withdrawn by HMRC, or the Election is jointly revoked by the Participant and the Company or the Employer, as applicable, then these Stock Units shall, at the discretion of the Company, without any liability to the Company or the Employer, cease vesting and become null and void.
* * * * *

-14-
    

MARVELL TECHNOLOGY GROUP LTD.
AMENDED AND RESTATED 1995 STOCK OPTION PLAN
Stock Unit Election Form
 (2018 Election)
Please complete and return this Stock Unit Election Form (the “Election Form”), as described below, so that is received on or before [___________] (the “Submission Deadline”), to [______], 5488 Marvell Lane, Santa Clara, CA 95054 or [_____]@marvell.com.  Any Election Form not received by the Submission Deadline will be void.
I understand that my Election Form will become irrevocable effective as of the Submission Deadline.  An election can be revoked or changed prior to the Submission Deadline by timely submitting a new Election Form as described above.  A revocation must include a simple statement that a previous Election Form is cancelled and must be acknowledged and countersigned by the Company. 

I.    PERSONAL INFORMATION
(Please print)
Participant Name:                          (the “Participant”)
II.    STOCK UNIT DEFERRAL ELECTION
Complete this Section II if you wish to defer settlement of the Stock Units granted to you in 2018 (whether solely time-based Stock Units and/or performance-based Stock Units) (the “2018 Stock Units”). 
		
	[_] 
	I elect to receive payment of one hundred percent (100%) of the 2018 Stock Units (to the extent vested) in whole common shares of Marvell Technology Group Ltd. (the “Company”) within thirty (30) days of the earliest of (the “Settlement Date”):

(i)my “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury regulations and other Internal Revenue Service guidance promulgated thereunder (“Section 409A”); 

(ii)a “change in control” event within the meaning of Section 409A;

(iii)my death;

(iv)my “disability” within the meaning of Section 409A; and

-15-
    

(v)________________, ______ (please enter a date no earlier than January 1, 2023);
If the thirty (30) day period straddles two calendar years, I understand that under no circumstances will I be permitted, directly or indirectly, to designate the taxable year in which my RSUs are settled.
Notwithstanding the foregoing, if the Settlement Date is as a result of my separation from service, as determined by the Company, other than due to my death, and I am a “specified employee” within the meaning of Section 409A at the time of such separation from service, then my RSUs will not be settled until the date that is six months and one day following the date of separation from service, unless I die following my separation from service, in which case, my RSUs will be settled as soon as administratively practicable following my death.  
III.    PARTICIPANT SIGNATURE
I agree to all of the terms and conditions of the Plan, including the right of the Board of Directors of the Company (the “Board”) or the Executive Compensation Committee of the Board (the “Administrator”) to amend or terminate the Plan at any time and for any reason.  I acknowledge that I have received and read a copy of the Plan’s prospectus and that I am familiar with the terms and provisions of the Plan.  I understand that the Plan is unfunded and that no assets have been segregated in a trust or otherwise set aside for the Plan’s participants.  
I also understand that any election to defer the settlement of any 2018 Stock Units pursuant to this Election Form will make me only a general, unsecured creditor of the Company.  I also understand that any amounts deferred will be taxable as ordinary income in the year paid.  
I understand on the vesting of my 2018 Stock Units, I will be subject to employment taxes and that I have had the opportunity to discuss this Election Form with a tax advisor. I agree to satisfy tax withholding related to employment taxes in accordance with each Stock Unit Agreement governing my 2018 Stock Units (the “Agreements”).  The Company will be under no obligation to deliver any Shares subject to such award until any withholding obligations are satisfied.  I also understand that, upon receipt of any deferred payouts, in addition to federal taxes, I may owe taxes both to the state where I resided at the time of making this election and, if different, to the state where I reside when I receive a deferred payout.  
I also understand and acknowledge that the Administrator has the discretion to make all determinations and decisions regarding any elections set forth on this Election Form.  
I also understand that this Election Form and the elections made hereunder are intended to comply with the requirements of Section 409A as an initial election as set forth in Treasury Regulation Section 1.409A-2(a)(3) so that none of the 2018 Stock Units nor any shares issuable thereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply.  I understand that I may not be able to further defer the 2018 Stock Units, unless in compliance with the rules for subsequent deferrals under Section 409A and as approved by the Administrator.
I also understand that this Election Form and the elections made hereunder will in all respects 

-16-
    

be subject to the terms and conditions of the Plan and each Agreement.  
By signing this Election Form, I authorize the implementation of the above elections.  I understand that elections in Sections II and III are generally irrevocable effective as of the Submission Deadline and may not be changed in the future except in accordance with the requirements of Section 409A and the procedures specified by the Administrator.
PARTICIPANT 
Signed:         Date:  _______________, ______

Agreed to and accepted:

COMPANY:  MARVELL TECHNOLOGY GROUP, LTD.

By:         Date: ________________, ______
Title:    

-17-ChoiceOne Financial Services, Inc. 10-K

EXHIBIT
10.2

 

CHOICEONE
FINANCIAL SERVICES, INC.

STOCK
INCENTIVE PLAN OF 2012

 

SECTION
1

 

Establishment
Of Plan; Purpose Of Plan

 

1.1          Establishment
of Plan. The Company hereby establishes the STOCK INCENTIVE PLAN OF 2012 for its corporate and Subsidiary officers and other
key employees. The Plan permits the grant and award of Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted
Stock Units, Stock Awards and other stock-based and stock-related awards.

 

1.2          Purpose
of Plan. The purpose of the Plan is to provide Participants with an increased incentive to contribute to the long-term performance
and growth of the Company and its Subsidiaries, to join the interests of Participants with the interests of the Company’s
shareholders through the opportunity for increased stock ownership and to attract and retain Participants. The Plan is further
intended to provide flexibility to the Company in structuring long-term incentive compensation to best promote the foregoing objectives.
Within that context, it is intended that the Plan may provide performance-based compensation under Section 162(m) of the Code.

 

SECTION
2

 

Definitions

 

The
following words have the following meanings unless a different meaning plainly is required by the context:

 

2.1          “Act”
means the Securities Exchange Act of 1934, as amended.

 

2.2          “Affiliate”
means any organization controlling, controlled by or under common control with the Company.

 

2.3          “Board”
means the Board of Directors of the Company.

 

2.4          “Change
in Control,” unless otherwise defined in an Incentive Award agreement, means an occurrence of a nature that would be
required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A issued under the Act. Without limiting the
inclusiveness of the definition in the preceding sentence, a Change in Control of the Company shall be deemed to have occurred
as of the first day that any one or more of the following conditions is satisfied: (a) any Person is or becomes the "beneficial
owner" (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 25% or
more of the combined voting power of the Company’s then outstanding securities; (b) the failure at any time of the Continuing
Directors to constitute at least a majority of the Board; or (c) any of the following occur: (i) any merger or consolidation of
the Company, other than a merger or consolidation in which the voting securities of the Company immediately prior to the merger
or consolidation continue to represent (either by remaining outstanding or being converted into securities of the surviving entity)
60% or more of the combined voting power of the Company or surviving entity immediately after the merger or consolidation with
another entity; (ii) any sale, exchange, lease, mortgage, pledge, transfer or other disposition (in a single transaction or a
series of related transactions) of assets or earning power aggregating more than 50% of the assets or earning power of the Company
on a consolidated basis; (iii) any complete liquidation or dissolution of the Company; (iv) any reorganization, reverse stock
split or recapitalization of the Company which would result in a Change in Control as otherwise defined in this Plan; or (v) any
transaction or series of related transactions having, directly or indirectly, the same effect as any of the foregoing.

 

    

     

    

 

2.5          “Code”
means the Internal Revenue Code of 1986, as amended. Each reference in this Plan to a section or sections of the Code, unless
otherwise noted, shall be deemed to include a reference to the rules and regulations issued under such section or sections of
the Code.

 

2.6          “Committee”
means the Personnel and Benefits Committee of the Board or such other committee as the Board may designate from time to time.
The Committee shall consist of at least two members of the Board and all of its members shall be “non-employee directors”
as defined in Rule 16b-3 issued under the Act and “outside directors” as defined in Section 162(m) of the Code.

 

2.7          “Common
Stock” means the Company’s common stock, no par value per share.

 

2.8          “Company”
means ChoiceOne Financial Services, Inc., a Michigan corporation, and its successors and assigns.

 

2.9          “Continuing
Directors” means the individuals who were either (a) first elected or appointed as a director prior to January 1, 2012,
or (b) subsequently appointed as a director, if appointed or nominated by at least a majority of the Continuing Directors in office
at the time of the nomination or appointment, but specifically excluding any individual whose initial assumption of office occurs
as a result of either an actual or threatened solicitation subject to Rule 14a-12(c) of Regulation 14A issued under the Act or
other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board.

 

2.10        “Covered
Employee” means any Employee who is or may become a “Covered Employee,” as defined in Section 162(m) of
the Code, and who is designated, either as an individual Employee or class of Employees, by the Committee within the shorter of
(i) 90 days after the beginning of the Performance Period, or (ii) the period of time after the beginning of the Performance
Period and before 25% of the Performance Period has elapsed, as a “Covered Employee” under this Plan for such applicable
Performance Period.

 

2.11        “Director”
means a member of the Board.

 

2.12        “Disability”
means an inability of a Participant to perform his or her employment duties due to physical or mental disability for a continuous
period of 180 days or longer and the Participant is eligible for benefits under the Company’s long-term disability policy,
if any.

 

    2

     

    

 

2.13        “Employee”
means an employee of the Company or one of its Subsidiaries or Affiliates.

 

2.14        “Incentive
Award” means the award or grant of a Stock Option, a Stock Appreciation Right, Restricted Stock, a Restricted Stock
Unit, a Stock Award, or another stock-based or stock-related award, to a Participant pursuant to the Plan.

 

2.15        “Market
Value” on any given date means: (a) if the security is listed for trading on The Nasdaq Stock Market or one or more
national securities exchanges, the last reported sales price on the date in question, or if the security shall not have been traded
on the principal exchange on the applicable date, the last reported sales price on the first day before that date on which such
security was so traded; (b) if the security is not so listed for trading but is traded in the over-the-counter market, the fair
market value determined by the Committee in good faith, taking into account such factors as it considers advisable in a manner
consistent with the valuation principles of Section 409A of the Code, except when the Committee expressly determines not to use
Section 409A valuation principles, which determination shall be final and binding on all parties. Factors that the Committee may,
but need not, consider when determining Market Value include, without limitation, the prices at which recent sales of Common Stock
have been made, and the most recent reported bid and asked prices of the Common Stock as reported by the Company's market makers
on the applicable date.

 

2.18        “Participant”
means a corporate officer or any key employee of the Company or its Subsidiaries who is granted an Incentive Award under the Plan.

 

2.19        “Performance”
means the level of achievement of the performance goals established by the Committee pursuant to Section 10.1.

 

2.20        “Performance
Measures” means measures as described in Section 10 on which the performance goals are based.

 

2.21        “Performance
Period” means the period of time during which the performance goals must be met to determine the degree of payout, the
vesting, or both, with respect to an Incentive Award that is intended to qualify as Performance-Based Compensation.

 

2.22        “Performance-Based
Compensation” means compensation under an Incentive Award that satisfies the requirements of Section 162(m) of the Code
for certain “performance-based compensation” paid to Covered Employees. Notwithstanding the foregoing, nothing in
this Plan shall be construed to mean that an Incentive Award which does not satisfy the requirements for performance-based compensation
under Section 162(m) of the Code does not constitute performance-based compensation for other purposes, including Section 409A
of the Code.

 

2.23        “Person”
has the same meaning as set forth in Sections 13(d) and 14(d)(2) of the Act.

 

    3

     

    

 

2.24        “Plan”
means the ChoiceOne Financial Services, Inc. Stock Incentive Plan of 2012 as set forth herein, as it may be amended from time
to time.

 

2.25        “Restricted
Period” means the period of time during which Restricted Stock, Restricted Stock Units or other stock-based or stock-related
awards that are awarded under the Plan are subject to the risk of forfeiture, restrictions on transfer and other restrictions
or conditions pursuant to Sections 7 or 8. The Restricted Period may differ among Participants and may have different expiration
dates with respect to shares of Common Stock covered by the same Incentive Award.

 

2.26        “Restricted
Stock” means Common Stock awarded to a Participant pursuant to Section 7 of the Plan while such Common Stock remains
subject to the risk of forfeiture, restrictions on transfer and other restrictions or conditions pursuant to Section 7.

 

2.27        “Restricted
Stock Unit” means an award to a Participant pursuant to Section 7 of the Plan and described as a “Restricted
Stock Unit” in Section 7.

 

2.28        “Retirement”
means the voluntary termination of all employment by the Participant after the Participant has attained 55 years of age and completed
six years of service with the Company or any of its Subsidiaries or as otherwise may be set forth in the Incentive Award agreement
or other grant document with respect to a Participant and a particular Incentive Award.

 

2.29        “Stock
Appreciation Right” or “SAR” means any right granted to a Participant pursuant to Section 6 of the
Plan.

 

2.30        “Stock
Award” means an award of Common Stock awarded to a Participant pursuant to Section 8 of the Plan.

 

2.31        “Stock
Option” means the right to purchase Common Stock at a stated price for a specified period of time. For purposes of the
Plan, a Stock Option may be either an incentive stock option within the meaning of Section 422(b) of the Code or a nonqualified
stock option.

 

2.32        “Subsidiary”
means any corporation or other entity of which 50% or more of the outstanding voting stock or voting ownership interest is directly
or indirectly owned or controlled by the Company or by one or more Subsidiaries of the Company. The term “Subsidiary”
includes present and future Subsidiaries of the Company.

 

2.33        “Termination”
or “Cessation” of employment shall be considered to occur on the date on which the Employee is no longer obligated
to perform services for the Company or any of its Subsidiaries and the Employee’s right to re-employment is not guaranteed
by statute, contract or written policy of the Company, regardless of whether the Employee continues to receive compensation from
the Company or any of its Subsidiaries after such date. The following shall not be considered such a termination or cessation:
(i) a transfer of an employee among the Company and its Subsidiaries; (ii) a leave of absence, duly authorized in writing by the
Company, for military service or for any other purpose approved by the Company if the period of such leave does not exceed 90
days; (iii) a leave of absence in excess of 90 days, duly authorized in writing by the Company, provided that the employee’s
right to re-employment is guaranteed by statute, contract or written policy of the Company; or (iv) a termination of employment
as an officer with continued service as an Employee or director.

 

    4

     

    

 

SECTION
3

 

Administration

 

3.1          Power
and Authority. The Committee shall administer the Plan. The Committee may delegate any, some or all of its record keeping,
calculation, payment and other ministerial or administrative authority and responsibility from time to time to and among one or
more individuals, who may be members of the Committee or Employees, but all actions taken pursuant to delegated authority and
responsibility shall be subject to such review, change and approval by the Committee as the Committee considers appropriate. Except
as limited in the Plan or as may be necessary to ensure, to the extent that the Committee so desires, that the Plan provides Performance-Based
Compensation, the Committee shall have all of the express and implied powers and duties set forth in the Bylaws of the Company
and the Plan, shall have full power and authority to interpret the provisions of the Plan and Incentive Awards granted under the
Plan and shall have full power and authority to supervise the administration of the Plan and Incentive Awards granted under the
Plan and to make all other determinations and do all things considered necessary or advisable for the administration of the Plan.
All determinations, interpretations and selections made by the Committee regarding the Plan shall be final and conclusive. The
Committee shall hold its meetings at such times and places as it considers advisable. Action may be taken by a written instrument
signed by all of the members of the Committee and any action so taken shall be fully as effective as if it had been taken at a
meeting duly called and held. The Committee shall make such rules and regulations for the conduct of its business as it considers
advisable.

 

3.2          Grants
or Awards to Participants. In accordance with and subject to the provisions of the Plan, the Committee shall have the authority
to determine all provisions of Incentive Awards as the Committee may consider necessary or desirable and as are consistent with
the terms of the Plan, including, without limitation, the following: (a) the persons who shall be selected as Participants; (b)
the nature and, subject to the limitations set forth in Sections 4.1 and 4.2 of the Plan, extent of the Incentive Awards to be
made to each Participant (including the number of shares of Common Stock to be subject to each Incentive Award, any exercise or
purchase price, the manner in which an Incentive Award will vest or become exercisable and the form of payment for the Incentive
Award); (c) the time or times when Incentive Awards will be granted; (d) the duration of each Incentive Award; and (e) the restrictions
and other conditions to which payment or vesting of Incentive Awards may be subject.

 

    5

     

    

 

3.3          Amendments
or Modifications of Incentive Awards. Subject to Section 12, the Committee shall have the authority to amend or modify the
terms of any outstanding Incentive Award in any manner, provided that the amended or modified terms are not prohibited by the
Plan as then in effect and provided such actions do not cause an Incentive Award not already subject to Section 409A of the Code
to become subject to Section 409A of the Code, including, without limitation, the authority to: (a) modify the number of shares
or other terms and conditions of an Incentive Award; provided that any increase in the number of shares of an Incentive Award
other than pursuant to Section 4.3 shall be considered to be a new grant with respect to such additional shares for purposes of
Section 409A of the Code and such new grant shall be made at Market Value on the date of grant; (b) extend the term of an Incentive
Award to a date that is no later than the earlier of the latest date upon which the Incentive Award could have expired by its
terms under any circumstances or the 10th anniversary of the date of grant (for purposes of clarity, as permitted under
Section 409A of the Code, if the term of a Stock Option is extended at a time when the Stock Option exercise price equals or exceeds
the Market Value, it will not be an extension of the term of the Stock Option, but instead will be treated as a modification of
the Stock Option and a new Stock Option will be treated as having been granted); (c) accelerate the exercisability or vesting
or otherwise terminate, waive or modify any restrictions relating to an Incentive Award; (d) accept the surrender of any outstanding
Incentive Award; and (e) to the extent not previously exercised or vested, authorize the grant of new Incentive Awards in substitution
for surrendered Incentive Awards; provided, however, that such grant of new Incentive Awards shall be considered to be
a new grant for purposes of Section 409A of the Code and shall be made at Market Value on the date of grant and, provided further,
that Incentive Awards issued under the Plan may not be repriced, replaced, regranted through cancellation or modified without
shareholder approval if the effect of such repricing, replacement, regrant or modification would be to reduce the exercise price
or base price of such Incentive Awards to the same Participants.

 

3.4          Indemnification
of Committee Members. Neither any member or former member of the Committee, nor any individual or group to whom authority
or responsibility is or has been delegated, shall be personally responsible or liable for any act or omission in connection with
the performance of powers or duties or the exercise of discretion or judgment in the administration and implementation of the
Plan. Each person who is or shall have been a member of the Committee, and any other individual or group exercising delegated
authority or responsibility with respect to the Plan, shall be indemnified and held harmless by the Company from and against any
cost, liability or expense imposed or incurred in connection with such person’s or the Committee’s taking or failing
to take any action under the Plan or the exercise of discretion or judgment in the administration and implementation of the Plan.
This Section 3.4 shall not be construed as limiting the Company’s or any Subsidiary’s ability to terminate or otherwise
alter the terms and conditions of the employment of an individual or group exercising delegated authority or responsibility with
respect to the Plan, or to discipline any such person. Each such person shall be justified in relying on information furnished
in connection with the Plan’s administration by any appropriate person or persons.

 

    6

     

    

 

SECTION
4

 

Shares
Subject to the Plan

 

4.1          Number
of Shares. Subject to adjustment as provided in Section 4.3 of the Plan, the total number of shares available for Incentive
Awards under the Plan shall be 100,000 shares of Common Stock; plus shares subject to Incentive Awards that are canceled, surrendered,
modified, exchanged for substitute Incentive Awards or that expire or terminate prior to the exercise or vesting of the Incentive
Awards in full and shares that are surrendered to the Company in connection with the exercise or vesting of Incentive Awards,
whether previously owned or otherwise subject to such Incentive Awards. Such shares shall be authorized and may be unissued shares,
shares issued and repurchased by the Company (including shares purchased on the open market), and shares issued and otherwise
reacquired by the Company.

 

4.2          Limitation
Upon Incentive Awards. No Participant shall be granted, during any calendar year, Incentive Awards with respect to more than
25% of the total number of shares of Common Stock available for Incentive Awards under the Plan set forth in Section 4.1 of the
Plan, subject to adjustment as provided in Section 4.3 of the Plan, but only to the extent that such adjustment will not affect
the status of any Incentive Award theretofore issued or that may thereafter be issued as Performance-Based Compensation. The purpose
of this Section 4.2 is to ensure that the Plan may provide Performance-Based Compensation and this Section 4.2 shall be interpreted,
administered and amended if necessary to achieve that purpose.

 

		4.3	Adjustments.

 

(a)          Stock
Dividends and Distributions. If the number of shares of Common Stock outstanding changes by reason of a stock dividend, stock
split, recapitalization or other general distribution of Common Stock or other securities to holders of Common Stock, the number
and kind of securities subject to outstanding Incentive Awards and available for issuance under the Plan, together with applicable
exercise prices and base prices and the limitation provided in Section 4.2, shall be adjusted in such manner and at such time
as shall be equitable under the circumstances. No fractional shares shall be issued pursuant to the Plan and any fractional shares
resulting from such adjustments shall be eliminated from the respective Incentive Awards.

 

(b)          Other
Actions Affecting Common Stock. If there occurs, other than as described in Section 4.3(a), any merger, business combination,
recapitalization, reclassification, subdivision or combination approved by the Board that would result in the persons who were
shareholders of the Company immediately prior to the effective time of any such transaction owning or holding, in lieu of or in
addition to shares of Common Stock, other securities, money and/or property (or the right to receive other securities, money and/or
property) immediately after the effective time of such transaction, then the outstanding Incentive Awards (including exercise
prices and base prices) and reserves for Incentive Awards under the Plan shall be adjusted in such manner and at such time as
shall be equitable under the circumstances. It is intended that in the event of any such transaction, Incentive Awards under the
Plan shall entitle the holder of each Incentive Award to receive (upon exercise in the case of Stock Options and SARs), in lieu
of or in addition to shares of Common Stock, any other securities, money and/or property receivable upon consummation of any such
transaction by holders of Common Stock with respect to each share of Common Stock outstanding immediately prior to the effective
time of such transaction; upon any such adjustment, holders of Incentive Awards under the Plan shall have only the right to receive
in lieu of or in addition to shares of Common Stock such other securities, money and/or other property as provided by the adjustment.

 

    7

     

    

 

SECTION
5

 

Stock
Options

 

5.1          Grant.
A Participant may be granted one or more Stock Options under the Plan. No Participant shall have any rights as a shareholder
with respect to any shares of stock subject to Stock Options granted hereunder until such shares have been issued. For purposes
of determining the number of shares available under the Plan, each Stock Option shall count as the number of shares of Common
Stock subject to the Stock Option. Stock Options shall be subject to such terms and conditions, consistent with the other provisions
of the Plan, as may be determined by the Committee in its sole discretion. In addition, the Committee may vary, among Participants
and among Stock Options granted to the same Participant, any and all of the terms and conditions of the Stock Options granted
under the Plan. Subject to the limitation imposed by Section 4.2 of the Plan, the Committee shall have complete discretion in
determining the number of Stock Options granted to each Participant. The Committee may designate whether or not a Stock Option
is to be considered an incentive stock option as defined in Section 422(b) of the Code; provided, that the number of shares of
Common Stock that may be designated as subject to incentive stock options for any given Participant shall be limited to that number
of shares that become exercisable for the first time by the Participant during any year (under all plans of the Company and its
Subsidiaries) and have an aggregate Market Value less than or equal to $100,000 (or such other amount as may be set forth in the
Code) and all shares subject to an Incentive Award that have a Market Value in excess of such aggregate amount shall automatically
be subject to Stock Options that are not incentive stock options.

 

5.2          Stock
Option Agreements. Stock Options shall be evidenced by stock option agreements, certificates of award, or both, containing
the terms and conditions applicable to such Stock Options. To the extent not covered by a stock option agreement or certificate
of award, the terms and conditions of this Section 5 shall govern.

 

5.3          Stock
Option Exercise Price and Grant Date. The per share Stock Option exercise price shall be determined by the Committee, but
shall be a price that is equal to or greater than 100% of the Market Value on the date of grant. The date of grant of a Stock
Option shall be the date the Stock Option is authorized by the Committee or a future date specified by the Committee as the date
for issuing the Stock Option.

 

    8

     

    

 

5.4          Medium
and Time of Payment. The exercise price for each share purchased pursuant to a Stock Option granted under the Plan shall be
payable in cash or, if the Committee consents or provides in the applicable stock option agreement or grant, in shares of Common
Stock or other consideration substantially equivalent to cash. The time and terms of payment may be amended with the consent of
a Participant before or after exercise of a Stock Option, provided that such amendment would not cause a Stock Option to become
subject to Section 409A of the Code. Except as limited by the Act, the Sarbanes-Oxley Act of 2002 or other laws, rules or regulations,
the Committee may from time to time authorize payment of all or a portion of the Stock Option exercise price in the form of a
promissory note or other deferred payment installments according to such terms as the Committee may approve; provided, however,
that such promissory note or other deferred payment installments shall be with full recourse and shall bear a market rate of interest.
The Board may restrict or suspend the power of the Committee to permit such loans and may require that adequate security be provided.
The Committee may implement a program for the broker-assisted cashless exercise of Stock Options.

 

5.5          Stock
Options Granted to Ten Percent Shareholders. No Stock Option granted to any Participant who at the time of such grant owns,
together with stock attributed to such Participant under Section 424(d) of the Code, more than 10% of the total combined voting
power of all classes of stock of the Company or any of its Subsidiaries may be designated as an incentive stock option, unless
such Stock Option provides an exercise price equal to at least 110% of the Market Value of the Common Stock and the exercise of
the Stock Option after the expiration of five years from the date of grant of the Stock Option is prohibited by its terms.

 

5.6          Limits
on Exercisability. Stock Options shall be exercisable for such periods, not to exceed 10 years and one day from the date of
grant, as may be fixed by the Committee. At the time of exercise of a Stock Option, the holder of the Stock Option, if requested
by the Committee, must represent to the Company that the shares are being acquired for investment and not with a view to the distribution
thereof. The Committee may in its discretion require a Participant to continue the Participant’s service with the Company
or its Subsidiaries for a certain length of time prior to a Stock Option becoming exercisable and may eliminate such delayed vesting
provisions.

 

5.7          Restrictions
on Transferability. 

 

(a)          General.
Unless the Committee otherwise consents or permits (before or after the stock option grant) or unless the stock option agreement
or grant provides otherwise, Stock Options granted under the Plan may not be sold, exchanged, transferred, pledged, assigned or
otherwise alienated or hypothecated except by will or the laws of descent and distribution, and, as a condition to any transfer
permitted by the Committee or the terms of the stock option agreement or grant, the transferee must execute a written agreement
permitting the Company to withhold from the shares subject to the Stock Option a number of shares having a Market Value at least
equal to the amount of any federal, state or local withholding or other taxes associated with or resulting from the exercise of
a Stock Option. All provisions of a Stock Option that are determined with reference to the Participant, including without limitation
those that refer to the Participant’s employment with the Company or its Subsidiaries, shall continue to be determined with
reference to the Participant after any transfer of a Stock Option.

 

    9

     

    

 

(b)          Other
Restrictions. The Committee may impose other restrictions on any shares of Common Stock acquired pursuant to the exercise
of a Stock Option under the Plan as the Committee considers advisable, including, without limitation, holding periods or further
transfer restrictions, forfeiture or “claw-back” provisions, and restrictions under applicable federal or state securities
laws.

 

5.8          Termination
of Employment. Unless the Committee otherwise consents or permits (before or after the stock option grant) or unless the stock
option agreement or grant provides otherwise:

 

(a)          General.
If a Participant is no longer employed by the Company or its Subsidiary for any reason other than the Participant’s
Retirement, death, Disability or termination for cause, the Participant may exercise his or her Stock Options in accordance with
their terms for a period of 3 months after such termination of employment, but only to the extent the Participant was entitled
to exercise the Stock Options on the date of termination.

 

(b)          Death.
If a Participant dies either while an Employee or otherwise during a time when the Participant could have exercised a Stock Option,
the Stock Options issued to such Participant shall be exercisable in accordance with their terms by the personal representative
of such Participant or other successor to the interest of the Participant for a period of one year after such Participant’s
death to the extent that the Participant was entitled to exercise the Stock Options on the date of death or termination, whichever
first occurred, but not beyond the original term of the Stock Options.

 

(c)          Disability.
If a Participant ceases to be employed by the Company or one of its Subsidiaries due to the Participant’s Disability,
he or she may exercise his or her Stock Options in accordance with their terms for one year after he or she ceases to be employed
unless such Stock Options earlier expire by their terms, but only to the extent that the Participant was entitled to exercise
the Stock Options on the date of such event and not beyond the original terms of the Stock Options.

 

(d)          Participant
Retirement. If a Participant ceases to be employed by the Company or one of its Subsidiaries due to Retirement, the Participant
may exercise his or her Stock Options in accordance with their terms for three years after such termination of employment unless
such Stock Options earlier expire by their terms, but only to the extent that the Participant was entitled to exercise the Stock
Options on the date of such event and not beyond the original terms of the Stock Options.

 

(e)          Termination
for Cause. If a Participant’s employment is terminated for cause, the Participant shall have no further right to exercise
any Stock Options previously granted to him or her. The Committee or officers designated by the Committee shall have absolute
discretion to determine whether a termination is for cause.

 

    10

     

    

 

SECTION
6

 

Stock
Appreciation Rights

 

6.1          Grant.
A Participant may be granted one or more Stock Appreciation Rights under the Plan and such SARs shall be subject to such terms
and conditions, consistent with the other provisions of the Plan, as shall be determined by the Committee in its sole discretion.
An SAR may relate to a particular Stock Option and may be granted simultaneously with or subsequent to the Stock Option to which
it relates. Except to the extent otherwise modified in the grant, (i) SARs not related to a Stock Option shall be granted subject
to the same terms and conditions applicable to Stock Options as set forth in Section 5, and (ii) all SARs related to Stock Options
granted under the Plan shall be granted subject to the same restrictions and conditions and shall have the same vesting, exercisability,
forfeiture and termination provisions as the Stock Options to which they relate. SARs may be subject to additional restrictions
and conditions. The per-share base price for exercise or settlement of SARs shall be determined by the Committee, but shall be
a price that is equal to or greater than the Market Value of such shares on the date of the grant. Other than as adjusted pursuant
to Section 4.3, the base price of SARs may not be reduced without shareholder approval (including canceling previously awarded
SARs and regranting them with a lower base price).

 

6.2          Exercise;
Payment. To the extent a SAR relates to a Stock Option, the SAR may be exercised only when the related Stock Option could
be exercised and only when the Market Value of the shares subject to the Stock Option exceeds the exercise price of the Stock
Option. When a Participant exercises such SARs, the Stock Options related to such SARs shall automatically be cancelled with respect
to an equal number of underlying shares. Unless the Committee decides otherwise (in its sole discretion), SARs shall only be paid
in cash or in shares of Common Stock. For purposes of determining the number of shares available under the Plan, each Stock Appreciation
Right shall count as one share of Common Stock, without regard to the number of shares, if any, that are issued upon the exercise
of the Stock Appreciation Right and upon such payment.

 

SECTION
7

 

Restricted
Stock and Restricted Stock Units

 

7.1          Grant.
Subject to the limitations set forth in Sections 4.1 and 4.2 of the Plan, Restricted Stock and Restricted Stock Units may
be granted to Participants under the Plan. Shares of Restricted Stock are shares of Common Stock the retention, vesting and/or
transferability of which is subject, during specified periods of time, to such conditions (including continued employment and/or
achievement of performance goals established by the Committee) and terms as the Committee deems appropriate. Restricted Stock
Units are Incentive Awards denominated in units of Common Stock under which the issuance of shares of Common Stock is subject
to such conditions (including continued employment and/or achievement of performance goals established by the Committee) and terms
as the Committee deems appropriate. For purposes of determining the number of shares available under the Plan, each Restricted
Stock Unit shall count as the number of shares of Common Stock subject to the Restricted Stock Unit. Unless determined otherwise
by the Committee, each Restricted Stock Unit shall be equal to one share of Common Stock and shall entitle a Participant to either
shares of Common Stock or an amount of cash determined with reference to the value of shares of Common Stock. To the extent determined
by the Committee, Restricted Stock and Restricted Stock Units may be satisfied or settled in cash, in shares of Common Stock or
in a combination thereof. Restricted Stock Units shall be settled no later than the 15th day of the third month after the Restricted
Stock Units vest. Restricted Stock and Restricted Stock Units granted pursuant to the Plan need not be identical but shall be
consistent with the terms of the Plan. Subject to the requirements of applicable law, the Committee shall determine the price,
if any, at which awards of Restricted Stock or Restricted Stock Units, or shares of Common Stock issuable pursuant to Restricted
Stock Unit awards, shall be sold or awarded to a Participant, which may vary from time to time and among Participants.

 

    11

     

    

 

7.2          Restricted
Stock Agreements. Awards of Restricted Stock and Restricted Stock Units shall be evidenced by restricted stock or restricted
stock unit agreements or certificates of award containing such terms and conditions, consistent with the provisions of the Plan,
as the Committee shall from time to time determine. Unless the restricted stock or restricted stock unit agreement or certificate
of award provides otherwise, awards of Restricted Stock and Restricted Stock Units shall be subject to the terms and conditions
set forth in this Section 7.

 

7.3          Vesting.
The grant, issuance, retention, vesting and settlement of shares of Restricted Stock and Restricted Stock Units shall occur
at such time and in such installments as determined by the Committee or under criteria established by the Committee. The Committee
shall have the right to make the timing of the grant and/or issuance of, the ability to retain and the vesting and/or the settlement
of Restricted Stock Units and shares of Restricted Stock subject to continued employment, passage of time and/or such performance
criteria as deemed appropriate by the Committee.

 

7.4          Termination
of Employment. Unless the Committee otherwise consents or permits (before or after the grant of Restricted Stock or Restricted
Stock Units) or unless the restricted stock or restricted stock unit agreement or grant provides otherwise:

 

(a)          General.
If a Participant ceases to be an Employee during the Restricted Period for any reason other than death, Disability, Retirement
or termination for cause, each share of Restricted Stock and Restricted Stock Unit still subject in full or in part to restrictions
at the date of such termination shall automatically be forfeited and returned to the Company.

 

(b)          Death,
Retirement or Disability. In the event a Participant terminates his or her employment with the Company because of death, Disability
or Retirement during the Restricted Period, the restrictions remaining on any or all shares of Restricted Stock and Restricted
Stock Units shall terminate automatically with respect to that respective number of such shares or Restricted Stock Units (rounded
to the nearest whole number) equal to the respective total number of such shares or Restricted Stock Units granted to such Participant
multiplied by the number of full months that have elapsed since the date of grant divided by the total number of full months in
the respective Restricted Period; provided, that if such Restricted Stock or Restricted Stock Units are subject to attainment
of performance goals, then the restrictions shall not lapse until the end of the applicable performance period and then only after
it is determined that the Company shall have attained such performance goals. All remaining shares of Restricted Stock and Restricted
Stock Units shall be forfeited and returned to the Company; provided, that the Committee may, in its sole discretion, waive the
restrictions remaining on any or all such remaining shares of Restricted Stock and Restricted Stock Units either before or after
the death, Disability or Retirement of the Participant.

 

    12

     

    

 

(c)          Termination
for Cause. If a Participant’s employment is terminated for cause, the Participant shall have no further right to receive
any Restricted Stock or Restricted Stock Units and all Restricted Stock and Restricted Stock Units still subject to restrictions
at the date of such termination shall automatically be forfeited and returned to the Company. For purposes of the Plan, the Committee
or officers designated by the Committee shall have absolute discretion to determine whether a termination is for cause.

 

7.5          Restrictions
on Transferability.

 

(a)          General.
Unless the Committee otherwise consents or permits or unless the terms of the restricted stock or restricted stock unit agreement
or grant provide otherwise: (i) neither shares of Restricted Stock nor Restricted Stock Units may be sold, exchanged, transferred,
pledged, assigned or otherwise alienated or hypothecated during the Restricted Period except by will or the laws of descent and
distribution; and (ii) all rights with respect to Restricted Stock and Restricted Stock Units granted to a Participant under the
Plan shall be exercisable during the Participant’s lifetime only by such Participant or his or her guardian or legal representative.

 

(b)          Other
Restrictions. The Committee may impose other restrictions on any shares of Common Stock acquired pursuant to an award of Restricted
Stock or issuable pursuant to Restricted Stock Unit awards under the Plan as the Committee considers advisable, including, without
limitation, holding periods or further transfer restrictions, forfeiture or “claw-back” provisions, and restrictions
under applicable federal or state securities laws.

 

7.6          Legending
of Restricted Stock. In addition to any other legend that may be set forth on a Participant’s share certificate, any
certificates evidencing shares of Restricted Stock awarded pursuant to the Plan shall bear the following legend:

 

The
shares represented by this certificate were issued subject to certain restrictions under the ChoiceOne Financial Services, Inc.
Stock Incentive Plan of 2012 (the “Plan”). This certificate is held subject to the terms and conditions contained
in a restricted stock agreement that includes a prohibition against the sale or transfer of the stock represented by this certificate
except in compliance with that agreement and that provides for forfeiture upon certain events. Copies of the Plan and the restricted
stock agreement are on file in the office of the Secretary of the Company.

 

    13

     

    

 

The
Committee may require that certificates representing shares of Restricted Stock be retained and held in escrow by a designated
employee or agent of the Company or any Subsidiary until any restrictions applicable to shares of Restricted Stock so retained
have been satisfied or lapsed.

 

7.7          Rights
as a Shareholder. A Participant shall have all dividend, liquidation and other rights with respect to Restricted Stock held
of record by such Participant as if the Participant held unrestricted Common Stock; provided, that the unvested portion of any
award of Restricted Stock shall be subject to any restrictions on transferability or risks of forfeiture imposed pursuant to this
Section 7 and the terms and conditions set forth in the Participant’s restricted stock agreement. Unless the Committee otherwise
determines or unless the terms of the applicable restricted stock unit agreement or grant provide otherwise, a Participant shall
have all dividend and liquidation rights with respect to shares of Common Stock subject to awards of Restricted Stock Units held
by such Participant as if the Participant held unrestricted Common Stock. Unless the Committee determines otherwise or unless
the terms of the applicable restricted stock or restricted stock unit agreement or grant provide otherwise, any noncash dividends
or distributions paid with respect to shares of unvested Restricted Stock and shares of Common Stock subject to unvested Restricted
Stock Units shall be subject to the same restrictions and vesting schedule as the shares to which such dividends or distributions
relate. Any dividend payment with respect to Restricted Stock or Restricted Stock Units shall be made no later than the 15th day
of the third month following the date the dividends are paid to shareholders.

 

7.8          Voting
Rights. Unless otherwise determined by the Committee, Participants holding shares of Restricted Stock granted hereunder may
exercise full voting rights with respect to those shares during the Restricted Period. Participants shall have no voting rights
with respect to shares of Common Stock underlying Restricted Stock Units unless and until such shares are reflected as issued
and outstanding shares on the Company’s stock ledger.

 

SECTION
8

 

Stock-Based
Awards

 

8.1          Grant.
Subject to the limitations set forth in Sections 4.1 and 4.2 of the Plan, in addition to any Stock Options, Stock Appreciation
Rights, Restricted Stock, or Restricted Stock Units that a Participant may be granted under the Plan, a Participant may be granted
one or more other types of awards based on or related to shares of Common Stock (including the grant of Stock Awards). Such awards
shall be subject to such terms and conditions, consistent with the other provisions of the Plan, as may be determined by the Committee
in its sole discretion. Notwithstanding the previous sentence, the shares of stock subject to Stock Awards shall be issued no
later than the 15th day of the third month after the end of the calendar year in which the award is granted. Such awards
shall be expressed in terms of shares of Common Stock or denominated in units of Common Stock. For purposes of determining the
number of shares available under the Plan, each such unit shall count as the number of shares of Common Stock to which it relates.

 

    14

     

    

 

8.2          Rights
as a Shareholder.

 

(a)          Stock
Awards. A Participant shall have all voting, dividend, liquidation and other rights with respect to shares of Common Stock
issued to the Participant as a Stock Award under this Section 8 upon the Participant becoming the holder of record of the Common
Stock granted pursuant to such Stock Award; provided, that the Committee may impose such restrictions on the assignment or transfer
of Common Stock awarded pursuant to a Stock Award as it considers appropriate. Any dividend payment with respect to a Stock Award
shall be made no later than the 15th day of the third month following the date the dividends are paid to shareholders.

 

(b)          General.
With respect to shares of Common Stock subject to awards granted under the Plan other than Stock Options, Stock Appreciation
Rights, Restricted Stock, Restricted Stock Units and Stock Awards, a Participant shall have such rights as determined by the Committee
and set forth in the respective award agreements; and the Committee may impose such restrictions on the assignment or transfer
of Common Stock awarded pursuant to such awards as it considers appropriate.

 

SECTION
9

 

Change
in Control

 

9.1          Acceleration
of Vesting. If a Change in Control of the Company occurs, then, unless the Committee or the Board otherwise determines and
expressly states in the agreements governing one or more Incentive Awards, without action by the Committee or the Board: (a) all
outstanding Stock Options and Stock Appreciation Rights shall become vested and exercisable in full immediately prior to the effective
time of a Change in Control and shall remain exercisable during the remaining terms thereof, regardless of whether the Participants
to whom such Stock Options and Stock Appreciation Rights have been granted remain in the employ or service of the Company or any
Subsidiary; and (b) all other outstanding Incentive Awards shall become immediately fully vested and exercisable and nonforfeitable.

 

9.2          Cash
Payment for Stock Options and Stock Appreciation Rights. If a Change in Control of the Company occurs, then the Committee,
in its sole discretion and without the consent of any Participant affected thereby, may determine that some or all Participants
holding outstanding Stock Options and/or Stock Appreciation Rights shall receive, with respect to and in lieu of some or all of
the shares of Common Stock subject to such Stock Options and/or Stock Appreciation Rights, as of the effective date of any such
Change in Control of the Company, cash in an amount equal to the highest price per share actually paid in connection with any
Change in Control of the Company over the exercise price per share of such Stock Options and/or the base price per share of such
Stock Appreciation Rights. Upon a Participant’s receipt of such amount with respect to some or all of his or her Stock Options
and/or Stock Appreciation Rights, the respective Stock Options and/or Stock Appreciation Rights shall be cancelled and may no
longer be exercised by such Participant.

 

    15

     

    

 

SECTION
10

 

Performance
Measures

 

10.1        Performance
Measures. Unless and until the Committee proposes for shareholder vote and the shareholders approve a change in the general
Performance Measures set forth in this Section 10, the performance goals upon which the payment or vesting of an Incentive Award
to a Covered Employee that is intended to qualify as Performance-Based Compensation may be based shall be limited to the following
Performance Measures:

 

		(a)	Net
                                         income (before or after taxes, interest, depreciation, and/or amortization);

		(b)	Net
                                         income per share;

		(c)	Return
                                         on equity;

		(d)	Cash
                                         earnings;

		(e)	Cash
                                         earnings per share (reflecting dilution of the Common Stock as the Committee deems appropriate
                                         and, if the Committee so determines, net of or including dividends);

		(f)	Cash
                                         earnings return on equity;

		(g)	Operating
                                         income;

		(h)	Operating
                                         income per share;

		(i)	Operating
                                         income return on equity;

		(j)	Return
                                         on assets;

		(k)	Cash
                                         flow;

		(l)	Cash
                                         flow return on capital;

		(m)	Return
                                         on capital;

		(n)	Productivity
                                         ratios;

		(o)	Share
                                         price (including without limitation growth measures, total shareholder return or comparison
                                         to indices);

		(p)	Expense
                                         or cost levels;

		(q)	Margins;

		(r)	Operating
                                         efficiency;

		(s)	Efficiency
                                         ratio;

		(t)	Customer
                                         satisfaction, satisfaction based on specified objective goals or a Company-sponsored
                                         customer survey;

		(u)	Economic
                                         value added measurements;

		(v)	Market
                                         share or market penetration with respect to specific designated products or services,
                                         product or service groups and/or specific geographic areas;

		(w)	Reduction
                                         of losses, loss ratios, expense ratios or fixed costs;

		(x)	Employee
                                         turnover;

		(y)	Specified
                                         objective social goals;

		(z)	Noninterest
                                         income;

 

    16

     

    

 

		(aa)	Loan
                                         growth;

		(bb)	Deposit
                                         growth; and

		(cc)	Interest
                                         income

 

One
or more Performance Measures may be used to measure the performance of one or more of the Company, its Subsidiaries, its Affiliates,
or any combination of the foregoing, compared to pre-determined levels, as the Committee may deem appropriate, or compared to
the performance of a pre-established peer group, or published or special index that the Committee, in its sole discretion, deems
appropriate. The Committee also has the authority to provide for accelerated vesting of any Incentive Award based on the achievement
of performance goals pursuant to the Performance Measures specified in this Section 10.

 

10.2        Evaluation
of Performance. The Committee may provide in any such Incentive Award that any evaluation of Performance may include or exclude
any of the following events or their effects that occurs during a Performance Period: (a) asset write-downs, (b) litigation
or claim judgments or settlements, (c) changes in tax laws, accounting principles, or other laws or provisions affecting
reported results, (d) any 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 shareholders for the applicable fiscal year, (f) acquisitions,
mergers, divestitures or accounting changes, (g) amortization of goodwill or other intangible assets, (h) discontinued operations,
and (i) other special charges or extraordinary items. To the extent such inclusions or exclusions affect Incentive Awards to Covered
Employees, they shall be prescribed in a form that meets the requirements of Section 162(m) of the Code for deductibility.

 

10.3        Committee
Discretion. In the event that applicable tax laws, securities laws, or both, change to permit Committee discretion to alter
the governing Performance Measures without obtaining shareholder approval of such changes, the Committee shall have sole discretion
to make such changes without obtaining shareholder approval. In addition, in the event that the Committee determines that it is
advisable to grant Incentive Awards that shall not qualify as Performance-Based Compensation, the Committee may make such grants
without satisfying the requirements of Section 162(m) of the Code and may base vesting on Performance Measures other than those
set forth in Section 10.1.

 

10.4        Adjustment
of Performance-Based Compensation. Incentive Awards that are designed to qualify as Performance-Based Compensation, and that
are held by Covered Employees, may not be increased or adjusted upward. The Committee shall retain the discretion to decrease
or adjust such Incentive Awards downward, and such Incentive Awards may be forfeited in whole or in part.

 

10.5        Performance-Based
Compensation Conditioned on Performance. Payment of Performance-Based Compensation to a Participant for a Performance Period
under this Plan shall be entirely contingent upon achievement of the performance goals established by the Committee pursuant to
this Section 10, the satisfaction of which must be substantially uncertain when established by the Committee for the Performance
Period.

 

    17

     

    

 

10.6        Time
of Determination of Performance Goals by Committee. All performance goals to be made by the Committee for a Performance Period
pursuant to this Section 10 shall be established in writing by the Committee during the first 90 days of such Performance Period
and before 25% of the Performance Period has elapsed.

 

10.7        Objective
Standards. Performance-Based Compensation shall be based solely upon objective criteria, consistent with this Section 10,
from which an independent third party with knowledge of the facts could determine whether the performance goal or range of goals
is met and from that determination could calculate the Performance-Based Compensation to be paid. Although the Committee has authority
to exercise reasonable discretion to interpret this Plan and the criteria it shall specify pursuant to this Section 10 of the
Plan, it may not amend or waive such criteria after the 90th day of the respective Performance Period with respect to an Incentive
Award intended to qualify as Performance-Based Compensation. The Committee shall have no authority or discretion to increase any
Performance-Based Compensation or to construct, modify or apply the measurement of a Participant’s Performance in a manner
that will directly or indirectly increase the Performance-Based Compensation for the Participant for any Performance Period above
the amount determined by the applicable objective standards established within the time period set forth in Section 10.6.

 

SECTION
11

 

General
Provisions

 

11.1        No
Rights to Incentive Awards. No Participant or other person shall have any claim to be granted any Incentive Award under the
Plan and there is no obligation of uniformity of treatment of Participants or holders or beneficiaries of Incentive Awards under
the Plan. The terms and conditions of Incentive Awards of the same type and the determination of the Committee to grant a waiver
or modification of any Incentive Award and the terms and conditions thereof need not be the same with respect to each Participant
or the same Participant.

 

11.2        Withholding.
The Company or a Subsidiary shall be entitled to: (a) withhold and deduct from future wages of a Participant (or from other
amounts that may be due and owing to a Participant from the Company or a Subsidiary), or make other arrangements for the collection
of, all legally required amounts necessary to satisfy any and all federal, state, local and foreign withholding and employment-related
tax requirements attributable to an Incentive Award, including, without limitation, the grant, exercise or vesting of, or payment
of dividends with respect to, an Incentive Award; or (b) require a Participant promptly to remit the amount of such withholding
to the Company before taking any action with respect to an Incentive Award. Unless the Committee determines otherwise, withholding
may be satisfied by withholding Common Stock to be received upon exercise or vesting of an Incentive Award or by delivery to the
Company of previously owned Common Stock. The Company may establish such rules and procedures concerning timing of any withholding
election as it deems appropriate.

 

    18

     

    

 

11.3        Compliance
With Laws; Listing and Registration of Shares. All Incentive Awards granted under the Plan (and all issuances of Common Stock
or other securities under the Plan) shall be subject to all applicable laws, rules and regulations, and to the requirement that
if at any time the Committee shall determine, in its discretion, that the listing, registration or qualification of the shares
covered thereby upon any securities exchange or under any state or federal law, or the consent or approval of any governmental
regulatory body, is necessary or desirable as a condition of, or in connection with, the grant of such Incentive Award or the
issuance or purchase of shares thereunder, such Incentive Award may not be exercised in whole or in part, or the restrictions
on such Incentive Award shall not lapse, unless and until such listing, registration, qualification, consent or approval shall
have been effected or obtained free of any conditions not acceptable to the Committee.

 

11.4        No
Limit on Other Compensation Arrangements. Nothing contained in the Plan shall prevent the Company or any Subsidiary from adopting
or continuing in effect other or additional compensation arrangements, including the grant of Stock Options and other stock-based
and stock-related awards, and such arrangements may be either generally applicable or applicable only in specific cases.

 

11.5        No
Right to Employment. The grant of an Incentive Award shall not be construed as giving a Participant the right to be retained
in the employ of the Company or any Subsidiary. The Company or any Subsidiary may at any time dismiss a Participant from employment,
free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or in any written agreement
with the Participant.

 

11.6        No
Liability of Company. The Company and any Subsidiary or Affiliate which is in existence or hereafter comes into existence
shall not be liable to a Participant or any other person as to: (a) the non-issuance or non-sale of Common Stock as to which
the Company has been unable to obtain from any regulatory body having jurisdiction the authority deemed by the Company’s
counsel to be necessary to the lawful issuance and sale of any shares hereunder; (b) any tax consequence to any Participant
or other person due to the receipt, exercise or settlement of any Incentive Award granted hereunder; and (c) any provision
of law or legal restriction that prohibits or restricts the transfer of shares of Common Stock issued pursuant to any Incentive
Award.

 

11.7        Suspension
of Rights under Incentive Awards. The Company, by written notice to a Participant, may suspend a Participant’s and any
transferee’s rights under any Incentive Award for a period not to exceed 60 days while the termination for cause of that
Participant’s employment with the Company and its Subsidiaries is under consideration.

 

11.8        Governing
Law. The validity, construction and effect of the Plan and any rules and regulations relating to the Plan shall be determined
in accordance with the laws of the State of Michigan and applicable federal law.

 

11.9        Severability.
In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall
not affect the remaining provisions of the Plan and the Plan shall be construed and enforced as if the illegal or invalid provision
had not been included, unless such construction would cause the Plan to fail in its essential purposes.

 

    19

     

    

 

11.10     Compliance with 409A. The Plan is intended to provide Incentive Awards that are exempt from Section 409A of the Code as
either exempt equity awards under Treasury Regulation Section 1.409A-1(b)(5) or as exempt short-term deferrals under Treasury
Regulation Section 1.409A-1(b)(4), and is to be interpreted and operated consistently with those intentions.  To the
extent that the Committee determines that any Incentive Award granted hereunder is subject to Section 409A of the Code, the
agreement evidencing such Incentive Award shall incorporate the terms and conditions necessary to avoid the tax consequences
specified in Section 409A(a)(1) of the Code. To the extent applicable, the Plan and agreements shall be interpreted in
accordance with Section 409A of the Code.

 

SECTION
12

 

Termination
and Amendment

 

12.1        Board
and Committee Actions. The Board may terminate the Plan at any time or may from time to time amend or alter the Plan or any
aspect of it as it considers proper and in the best interests of the Company; provided, that no such amendment may be made, without
the approval of shareholders of the Company, that would (i) reduce the exercise price at which Stock Options, or the base price
at which Stock Appreciation Rights, may be granted below the prices provided for in Sections 5.3 and 6.1, respectively (ii) reduce
the exercise price of outstanding Stock Options or the base price of outstanding Stock Appreciation Rights, (iii) increase the
individual maximum limits in Section 4.2 or (iv) otherwise amend the Plan in any manner requiring shareholder approval by
law or under the rules or listing requirements of any national securities exchange on which the Company's Common Stock is traded,
and provided further that the Plan may not be amended in any way that causes the Plan to fail to comply with or be exempt from
Section 409A of the Code.

 

12.2        No
Impairment. Notwithstanding anything to the contrary in Section 12.1, no such amendment or alteration to the Plan or to any
previously granted award agreement or Incentive Award shall be made which would impair the rights of the holder of the Incentive
Award, without such holder’s consent; provided, that no such consent shall be required if the Committee determines in its
sole discretion and prior to the date of any Change of Control that such amendment or alteration is required or advisable in order
for the Company, the Plan or the Incentive Award to satisfy any law or regulation or to meet the requirements of or avoid adverse
financial accounting consequences under any tax or accounting standard, law or regulation.

 

SECTION
13

 

Effective
Date and Duration of the Plan

 

The
Plan shall take effect February 22, 2012, subject to approval by the shareholders at the 2012 Annual Meeting of Shareholders
or any adjournment thereof or at a Special Meeting of Shareholders. Unless earlier terminated by the Board of Directors, no Incentive
Award shall be granted under the Plan after February 22, 2022.

 

    20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00281-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00281-of-00352.parquet"}]]