Document:

Fourth Amendment to and Assumption of Loan and Security Agreement

 Exhibit 10.2 
 FOURTH AMENDMENT 
 TO AND ASSUMPTION OF 
 LOAN AND SECURITY AGREEMENT 
 THIS FOURTH AMENDMENT TO AND ASSUMPTION of
Loan and Security Agreement (this “Amendment”) is entered into this 10th day of April, 2009, by and between Silicon Valley Bank (“Bank”) and ARCA biopharma Colorado, Inc. (“ARCA Colorado”), a Delaware
corporation and ARCA biopharma, Inc., a Delaware corporation (“ARCA” and together with ARCA Colorado, individually and collectively, the “Borrower”) whose address is 8001 Arista Place, Suite 200, Broomfield, CO 80021.

 RECITALS 
 A.
Bank and ARCA Colorado have previously entered into that certain Loan and Security Agreement dated as of July 17, 2007, as amended by a First Amendment, dated January 23, 2009, as amended by a Second Amendment, dated March 23,
2009, as amended by a Third Amendment, dated April 6, 2009 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”). 
 B. Bank has extended credit to ARCA Colorado for the purposes permitted in the Loan Agreement. 
 C. ARCA owns 100% of the issued outstanding stock of ARCA Colorado, and, in consideration of Bank making certain revisions to the Loan Agreement,
ARCA has agreed to become a “Borrower” under the Loan Agreement and assume joint and several liability with ARCA Colorado for all Obligations thereunder. 
 D. In addition, Borrower has requested that Bank amend the Loan Agreement to (i) revise the maturity date of the outstanding GC Line B Advances and (ii) make certain other revisions thereto, as set
forth herein. 
 E. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with
the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT

 NOW, THEREFORE, in consideration of the foregoing recitals
and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 

2. Assumption. ARCA hereby assumes and agrees to pay and perform when due all present and future Obligations, jointly and severally with ARCA
Colorado under, based upon, or arising out of the Loan Documents and instruments and agreements relating thereto. ARCA agrees to honor, perform and comply with, in all respects, all terms and provisions of all of the Loan Documents, to the same
extent as though ARCA were named therein jointly and severally with ARCA Colorado. All references in the Loan Documents to “Borrower” shall be deemed to refer to ARCA and ARCA Colorado, jointly and severally. ARCA acknowledges that the
Obligations are due and owing to Bank from ARCA Colorado, and upon the execution of this Amendment are due and owing from ARCA and ARCA Colorado, jointly and severally, without any defense, offset or counterclaim of any kind or nature whatsoever.

 3. Amendments to Loan Agreement. 
 3.1 Section 2.2(a) of the Loan Agreement is hereby deleted in its entirety and replaced with the following, effective as of the date hereof:

 “(a) Subject to Section 2.3(b), the principal amount outstanding under Growth Capital Line B shall accrue interest at a per
annum rate equal to the Prime Rate plus 0.25%, which shall be fixed as of April 10, 2009, which interest shall be payable monthly in accordance with Section 2.3(f) below; provided, however, that if Borrower fails to maintain
the lesser of (i) $10,000,000 or (ii) 100% of all of its invested cash balances in the Designated Deposit Account and/or a sweep investment account at Bank, the interest rate will be permanently increased to the Prime Rate plus two percent
(2.0%), fixed as of the date such accounts fall below the thresholds set forth above.” 
 3.2 A new Section 2.4 is hereby
inserted into the Loan Agreement in its proper numeric order as follows: 
 “2.4 Interest on Pledged CD; Payment of Interest on
Pledged CD. 
 (a) Each Pledged CD shall bear interest at the Pledged CD Rate. Borrower shall specify the initial CD
Interest Period applicable to the Pledged CD(s) in connection with the notice of delivery of the Pledged CD in the form of Schedule A attached hereto. Thereafter, Borrower shall notify Bank not less than five (5) Business Days (or such lesser
period of time as may be stated in Bank’s Deposit Agreement and Disclosure Statement) prior to the end of each CD Interest Period of the duration of the subsequent CD Interest Period with respect to such Pledged CD. Unless Bank has otherwise
agreed that a Pledged CD shall not be renewed upon the expiration of its CD Interest Period, if Borrower shall have failed to timely select a new CD Interest Period upon the expiration of any CD Interest Period, Borrower shall be deemed to have
selected a like period for such new CD Interest Period. 
 (b) So long as (i) the aggregate value of the Pledged CDs in
which Bank has a perfected security interest is equal to, at a minimum, the Required Amount and (ii) no Event of Default has occurred and is continuing, Bank shall remit to Borrower the accrued interest on any Pledged CD in accordance with the
terms of the Bank’s Deposit Agreement and Disclosure Statement.” 
 3.3 The following new paragraphs are hereby inserted
following the existing first paragraph of Section 4.1 of the Loan Agreement, as follows: 
 “In addition to the
foregoing, Borrower hereby assigns, pledges, delivers and transfers to Bank, and hereby grants to Bank, a continuing first priority security interest in and against all right, title and interest of the following, whether now or hereafter existing or
acquired by Borrower: any Pledged CD issued from time to time and general intangibles arising therefrom or relating 

  

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thereto; and all documents, instruments and agreements evidencing the same; and all extensions, renewals, modifications and replacements of the foregoing;
and any interest or other amounts payable in connection therewith, all proceeds of the foregoing (including whatever is receivable or received when any Pledged CD or proceeds is invested, sold, collected, exchanged, returned, substituted or
otherwise disposed of, whether such disposition is voluntary or involuntary, including rights to payment and return premiums and insurance proceeds under insurance with respect to any Pledged CD, and all rights payment with respect to any cause of
action affecting or relating to any Pledged CD). 
 The parties to this Agreement do not intend that Borrower’s delivery
of any Pledged CD to Bank as herein provided will constitute an advance payment of any Obligations or liquidated damages, nor do the parties intend that any Pledged CD increase the dollar amount of the Obligations.” 
 3.4 A new Section 6.10 is hereby inserted into the Loan Agreement in its proper numeric order, as follows: 
 “6.10 Value of Pledged CD. Until the Obligations have been indefeasibly paid in full, in cash, maintain the Value of any Pledged CD(s)
at Bank in an amount equal to or greater than the Required Amount.” 
 3.5 A new Section 12.10 is hereby added to the Loan
Agreement, in its proper numerical order, as follows: 
 “12.10 Co-Borrower Provisions. 
 (a) Subrogation and Similar Rights. Notwithstanding any other provision of this Agreement or any other Loan Document, until
payment to Bank in full and performance of all Obligations, each Borrower irrevocably waives all rights that it may have at law or in equity (including, without limitation, any law subrogating the Borrower to the rights of Bank under the Loan
Documents) to seek contribution, indemnification, or any other form of reimbursement from any other Borrower, or any other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by the Borrower with
respect to the Obligations in connection with the Loan Documents or otherwise and all rights that it might have to benefit from, or to participate in, any security for the Obligations as a result of any payment made by the Borrower with respect to
the Obligations in connection with the Loan Documents or otherwise. Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under this Section 12.10 shall be null and void. If any payment is made to a
Borrower in contravention of this Section 12.10, such Borrower shall hold such payment in trust for Bank and such payment shall be promptly delivered to Bank for application to the Obligations, whether matured or unmatured. 
 (b) Waivers of Notice. Each Borrower waives notice of acceptance hereof; notice of the existence, creation or acquisition of any
of the Obligations; notice of an Event of Default; notice of the amount of the Obligations 

  

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outstanding at any time; notice of intent to accelerate; notice of acceleration; notice of any adverse change in the financial condition of any other
Borrower or of any other fact that might increase the Borrower’s risk; presentment for payment; demand; protest and notice thereof as to any instrument; default; and all other notices and demands to which the Borrower would otherwise be
entitled. Each Borrower waives any defense arising from any defense of any other Borrower, or by reason of the cessation from any cause whatsoever of the liability of any other Borrower. Bank’s failure at any time to require strict performance
by any Borrower of any provision of the Loan Documents shall not waive, alter or diminish any right of Bank thereafter to demand strict compliance and performance therewith. Nothing contained herein shall prevent Bank from foreclosing on the Lien of
any deed of trust, mortgage or other security instrument, or exercising any rights available thereunder, and the exercise of any such rights shall not constitute a legal or equitable discharge of any Borrower. Each Borrower also waives any defense
arising from any act or omission of Bank that changes the scope of the Borrower’s risks hereunder. Each Borrower hereby waives any right to assert against Bank any defense (legal or equitable), setoff, counterclaim, or claims that such Borrower
individually may now or hereafter have against another Borrower or any other Person liable to Borrower with respect to the Obligations in any manner or whatsoever until the Obligations are paid in full to Bank. 
 (c) Subrogation Defenses. Each Borrower waives the benefits, if any, of any statutory or common law rule that may permit a
borrower to assert any defenses of a surety or guarantor, or that may give a borrower the right to require a senior creditor to marshal assets, and Borrower agrees that it shall not assert any such defenses or rights. 
 (d) Right to Settle, Release. 
 (i) The liability of Borrower hereunder shall not be diminished by (A) any agreement, understanding or representation that any of the Obligations is or was to be guaranteed by another Person or secured by other
property, or (B) any release or unenforceability, whether partial or total, or rights, if any, which Borrower may now or hereafter have against any other Person, including another Borrower, or property with respect to any of the Obligations.

 (ii) Without notice to any Borrower and without affecting the liability of any Borrower hereunder, Bank may
(A) compromise, settle, renew, extend the time for payment, change the manner or terms of payment, discharge the performance of, decline to enforce, or release all or any of the Obligations with respect to a Borrower, (B) grant other
indulgences to a Borrower in respect of the Obligations, (C) modify in any manner any documents, relating to the Obligations with respect to a Borrower, (D) release, surrender or exchange any deposits or other property securing the
Obligations, whether pledged by a Borrower or any other Person, or (E) compromise, settle renew, or extend the time for 

  

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payment, discharge the performance of, decline to enforce, or release all or any obligations of any guarantor, endorser or other Person who is now or may
hereafter be liable with respect to any of the Obligations.” 
 3.6 The definition of “GC Line B Tranche Two maturity
Date” in Section 13.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 “GC Line
B Tranche Two Maturity Date” is December 1, 2010. 
 3.7 New definitions of “CD Interest Determination Date”,
“CD Interest Period”, “Pledged CD”, “Pledged CD Rate”, “Required Amount” and “Value” are hereby added to the Loan Agreement in their proper alphabetical order, as follows. 
 “CD Interest Determination Date” shall mean the date of delivery of a Pledged CD and the date of commencement of each CD Interest
Period. 
 “CD Interest Period” shall mean the period commencing initially on the date of delivery of a Pledged CD and
thereafter on the date immediately following the end of any such initial period or subsequent period, and ending on the Business Day approximately 7, 30, 60, 90, 180, 270 or 365 days thereafter, as applicable. 
 “Pledged CD” shall mean any and all certificates of deposit issued to Borrower by Bank. 
 “Pledged CD Rate” shall mean, for any CD Interest Determination Date, Bank’s prevailing commercial rate for certificates of deposit
in effect on such date for the requested (or, if applicable, deemed) CD Interest Period. 
 “Required Amount” shall mean, (a) for so long as Borrower maintains at least $20,000,000 in cash at Bank, $0.00 (no Pledged CD will be required), (b) for so long as Borrower maintains less than $20,000,000 but at
least $15,000,000 in cash at Bank, thirty three and one-third percent (33 1/3%) of the outstanding principal amount of all
outstanding GC Line B Advances, (c) for so long as Borrower maintains less than $15,000,000 but at least $10,000,000 in cash at Bank, sixty six and two-thirds percent (66 2/3%) of the outstanding principal amount of all outstanding GC Line B Advances and (d) for so long as Borrower maintains less than $10,000,000 in cash at Bank, one hundred percent
(100%) of the outstanding principal amount of all outstanding GC Line B Advances. 
 “Value” shall mean
with respect to any Pledged CD on any date, a dollar value at the face amount thereof. 
 3.8 A new Schedule A is hereby attached to
the Loan Agreement in the form of Exhibit A to this Amendment. 
 4. Limitation of Amendments. 
 4.1 The amendments set forth in Section 3, above, are effective for the purposes set forth herein and shall be limited precisely as written
and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future
under or in connection with any Loan Document. 
  

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 4.2 This Amendment shall be construed in connection with and as part of the Loan Documents and all
terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 
 5. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:

 5.1 Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents
are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date and except to the extent such
representations and warranties are modified by the contents and disclosures set forth in the Perfection Certificate, which the Borrower has amended and supplemented as of the date hereof), and (b) no Event of Default has occurred and is
continuing; 
 5.2 Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the
Loan Agreement, as amended by this Amendment; 
 5.3 The organizational documents of Borrower delivered to Bank on the date hereof are
true, accurate and complete and have not been amended, supplemented or restated (other than as set forth therein) and are and continue to be in full force and effect; 
 5.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 
 5.5 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as
amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or
other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 
 5.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license,
authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on either Borrower, except as already has been obtained or made or except as may
be required by the securities laws of the United States of America; and 
 5.7 This Amendment has been duly executed and delivered by
Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of
general application and equitable principles relating to or affecting creditors’ rights. 
 6. Counterparts. This Amendment may
be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 
  

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 7. Integration. This Amendment and the Loan Documents represent the entire agreement about this
subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this
Amendment and the Loan Documents. 
 8. Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and
delivery to Bank of this Amendment by each party hereto, (b) delivery to Bank of an executed Corporate Borrowing Certificate for each Borrower, plus all exhibits thereto, (c) delivery to Bank of a complete and executed Perfection
Certificate for each Borrower, (d) evidence satisfactory to Bank that the insurance policies required by Section 6.4 of the Loan Agreement are in full force and effect, together with appropriate evidence showing loss payable and/or
additional insured clauses or endorsements in favor of Bank, and (e) Borrower’s payment of a variance fee of $7,500.00 plus all Bank Expenses in connection herewith. 
 [Signature page follows.] 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed and delivered as of the date first written above. 
  

									
	BANK:	 		 		 	BORROWER:
			
	SILICON VALLEY BANK	 		 	ARCA BIOPHARMA COLORADO, INC.
					
	By:	 	 /s/ Bret J. Turner
	 		 	By:	 	 /s/ Chris Ozeroff

	Print Name:	 	 Bret J. Turner
	 		 	Print Name:	 	 Chris Ozeroff

	Title:	 	 Relationship Manager
	 		 	Title:	 	 EVP, Business Development

		 		 		 		 	 General Counsel and Secretary

				
		 		 		 	ARCA BIOPHARMA, INC.
					
		 		 		 	By:	 	 /s/ Chris Ozeroff

		 		 		 	Print Name:	 	 Chris Ozeroff

		 		 		 	Title:	 	 EVP, Business Development

		 		 		 		 	 General Counsel and Secretary

  

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 EXHIBIT A to FOURTH AMENDMENT 
 SCHEDULE A 
 NOTICE OF DELIVERY OF PLEDGED CD 
  

			
	To:	  	Silicon Valley Bank
	Fax:	  	                                    
	Telephone:	  	                                    
	From:	  	ARCA biopharma, Inc. / ARCA Biopharma Colorado, Inc. (circle one)
	Date:	  	                    

 Collateral Funding Notice 
 On             , 20    ,
                     (the “Company”) will deposit $         in its primary deposit
account at Bank, account number             . 
 Please provide indicative rates for
negotiable certificates of deposit for $         for terms of 7, 30, 60, 90, 180, 370 and 365 days. 
  

	
	  

	(print company name above)

  

			
	By:	 	  

	Print Name:	 	  

	Title:	 	  

  

			
	To:	  	                                    
	Attn:	  	                                    
	Fax:	  	                                    
	Telephone:	  	                                    
	From:	  	Silicon Valley Bank
	Date:	  	                    

 CD Information Notice 
 Per your request dated             , 20    , for collateral deposits to be deposited on
            , 20    , we provide the following indicative rates: 
 Negotiable Certificates of Deposit: 
  

							
	 Amount
	 	 Term
	 	 Indicative Rate
	 	 Maturity Date

  

			
	SILICON VALLEY BANK
		
	By:	 	  

	Print Name:	 	  

	Title:	 	  

  

 9Employment Separation Agreement

 Exhibit 4.1 
 EMPLOYMENT SEPARATION AGREEMENT 
 This Employment Separation Agreement (the
“Agreement”) is effective as of April 7, 2009, by and between Tan, Bian-Ee (“Employee”) and Avago Technologies Limited, a company organized under the laws of Singapore (the “Parent”),
with reference to the following facts: 
 A. Employee’s status as an employee and officer of Parent and its subsidiaries
and affiliates, including Avago Technologies (Malaysia) Sdn.Bhd., (collectively, the “Company”) has ended effective on December 31, 2008. 
 B. Employee and the Company desire to assure a smooth and effective transition of Employee’s duties to his successor and to wind-up
their employment relationship amicably. 
 C. Employee and the Company desire to resolve certain other matters related to his
compensation. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties agree as follows:

 1. Separation Date. Employee acknowledges that his status as an employee and officer of the Company ended on
December 31, 2008 (the “Separation Date”). 
 2. Separation Payments. The Company shall continue
to pay to Employee his base salary at the rate of US$509,965 per annum (“Base Salary”) through the Separation Date in accordance with the Company’s normal payroll practices. The Company shall pay to Employee any accrued but
unpaid Base Salary along with any other payments required by applicable law in accordance with the Company’s normal termination pay procedures. 
 3. Other Separation Payments and Benefits. Without admission of any liability, fact or claim, the Company hereby agrees, subject to the execution hereof by both parties and Employee’s continuing
performance of his obligations pursuant to this Agreement and that certain Agreement Regarding Confidential Information and Proprietary Development between the Company and Employee dated as of December 1, 2005, (the “ARCIPD”),
to provide Employee the separation benefits as follows: 
 (a) Target Bonus. The Company shall pay to Employee
US$462,000, which represents one hundred percent (100%) of Employee’s target bonus opportunity for fiscal year 2008, payable in Malaysia in a single cash lump sum within thirty five (35) days following the date this Agreement is
signed by both parties; and EPF contributions in respect thereof at 12% of the said sum, amounting to US$55,440. 
 (b)
Unused FTO; forex; and club membership. The Company shall pay to Employee the sum equivalent to US$61,327.40 in lieu of 34 days of unused FTO, and US$8,706.54 for forex adjustment within thirty five (35) days following the date this
Agreement is signed by both parties. Employee agrees to cooperate with the Company in selling or transferring (at the Company’s discretion) the membership to the Sentosa Golf Club that is in his name, and transferring any proceeds thereof to
the Company within ten (10) days of receipt. 
 (c) Separation Payment. The Company and Employee acknowledge that
the Company shall pay Employee US$1,095,947.50, which Employee acknowledges comprises a separation payment, and consideration for Employee’s compliance with his obligations pursuant to Section 7 below; this sum shall be paid in Malaysia in
a cash lump sum within thirty five (35) days following the date this Agreement is signed by both parties provided that Employee is in compliance with Employee’s obligations pursuant to Section 4 of this Agreement. 
  

 1 

 (d) Equity. The Company and Employee acknowledge that subject to the Management
Shareholders Agreement by and among Parent, Employee and Bali Investments S.a.r.l., dated as of December 1, 2005 (the “Management Shareholders Agreement”), and pursuant to the terms of the Amended and Restated Equity Incentive
Plan for Executive Employees of Avago Technologies Limited and Subsidiaries, as amended from time to time (the “Equity Incentive Plan”), Employee has purchased 400,000 ordinary shares of Parent subject to a call right in favor of
the Company (the “Call Right”) upon the termination of Employee’s employment with the Company (the “Co-Investment Shares”) and has been granted an option to purchase 1,800,000 ordinary shares of Parent at $5.00
USD per share (the “Option”). The Company and Employee acknowledge that, as of the Separation Date, the Option remains unvested with respect to 720,000 of the ordinary shares subject thereto (the “Unvested Shares”).
The Company and Employee acknowledge and agree that the Option, as of the Separation Date, shall terminate with respect to all Unvested Shares for no consideration. The Company and Employee further acknowledge that, as of the Separation Date, the
Option is vested with respect to 1,080,000 of the ordinary shares subject thereto (the “Vested Shares”). As a result of Parent’s exercise of its Call Right in the Co-Investment Shares and Employee’s exercise of his Option
in regards to the Vested Shares, Parent shall (i) pay the sum of $3,248,000 USD and (ii) issue 574,382 ordinary shares of Parent to Employee (the “Issued Shares”). Employee acknowledges and agrees that upon such payment
and issuance of the Issued Shares, he shall have no further right, title or interest in any options or the ordinary shares of Parent underlying any options other than the Issued Shares, the Equity Incentive Plan (with respect to such options) and
any other agreements entered into with respect thereto. The Company and Employee acknowledge and agree that the Issued Shares shall remain subject to the exercise notice with respect thereto, the Management Shareholders Agreement and the Equity
Incentive Plan. Employee further agrees to return share certificate number 35 within ten (10) days following the date this Agreement is signed by both parties for cancellation by Parent. 
 (e) Bonus and Other Compensation Arrangements. The Company and Employee acknowledge and agree that Employee will not be eligible to
receive any bonus compensation or any other award or compensation under any Company bonus, equity or other compensation plan except as set forth herein. 
 (f) Taxes. Employee understands and agrees that all payments under this Agreement will be subject to appropriate tax withholding and other deductions, as and to the extent required by law. To the extent any
taxes may be payable by the Employee for the benefits provided to him by this Agreement beyond those withheld by the Company, the Employee agrees to pay them himself and to indemnify and hold the Company and the other entities released herein
harmless for any tax claims or penalties, and associated attorneys’ fees and costs, resulting from any failure by his to make required payments. Tax equalization will not apply to any payments made under this Agreement. 
 (g) Set-off Rights. Employee hereby authorizes the Company, in its sole discretion, to set-off any and all amounts owing by
Employee to the Company, including, without limitation, amounts owing pursuant to Section 4 below, against any amounts owing by the Company to Employee, including, but not limited to, any amounts contemplated by this Section 3. Any amount
owing to Employee by the Company that is set-off pursuant to this Section 3(g) shall be deemed to have been paid to Employee. 
 (h) Sole Separation Benefit. Employee agrees that the benefits provided by this Agreement are not required under the Company’s normal policies and procedures and are provided solely in connection with this Agreement. Employee
further acknowledges and agrees that the payments referenced in this Agreement constitute adequate and valuable consideration, in and of themselves, for the promises contained in this Agreement. 
 4. Tax Equalization Payment Reimbursement. Employee acknowledges and agrees that the Company has made certain payments on behalf of Employee as
reimbursement of Employee’s tax obligations in Malaysia as a result of Employee’s performance of services in Malaysia. 

  

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Employee acknowledges that in connection with the filing of his 2005 tax return, the Company paid in excess of US$342,000 it was not obligated to pay.
Employee further acknowledges and agrees that Employee’s tax burden in Singapore will be reduced based on the amounts earned by Employee while performing services in Malaysia and that the amount of such reduction for 2008 is estimated to be
US$112,000 as of the date of this Agreement. Employee hereby agrees, as full satisfaction of Employee’s obligation to reimburse the Company for said tax payments, to pay to the Company the amounts of US$342,000 and US$112,000 within thirty
(30) days of the date this Agreement is signed by both parties. 
 5. Full Payment; Termination of Employment Agreement;
Survival. Employee acknowledges that the payment and arrangements herein shall constitute full and complete satisfaction of any and all amounts properly due and owing to Employee as a result of his employment with the Company and the termination
thereof. Nothing in this Section 5 shall diminish the obligations of the Company or Employee under the Management Shareholders Agreement and the ARCIPD. 
 6. General Release. As a material inducement for the Company to enter into this Agreement, and in exchange for the performance of the Company’s obligations under this Agreement provided for herein,
Employee knowingly and voluntarily waives and releases all rights and claims, known and unknown, which Employee may have against the Company and/or any of the Company’s related or affiliated entities or successors, or any of their current or
former officers, directors, managers, employees, agents, insurance carriers, auditors, accountants, attorneys or representatives, including any and all charges, complaints, claims, liabilities, obligations, promises, agreements, contracts,
controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses of any kind. This includes, but is not limited to, claims for employment discrimination, harassment, wrongful termination, constructive
termination, violation of public policy, breach of any express or implied contract, breach of any implied covenant, fraud, intentional or negligent misrepresentation, emotional distress, defamation, any claims related to compensation or entitlement
under the Company’s equity plans, or any other claims relating to Employee’s relationship with the Company. The matters that are the subject of the releases referred to in this Section 6 of this Agreement shall be referred to
collectively as the “Released Matters.” 
 7. Non-Solicitation and Non-Compete. 
 (a) Non-Solicitation. For the period beginning as of the date of this Agreement and ending on the eighteen (18) month
anniversary of the Separation Date (the “Restricted Period”), Employee shall not, either directly or indirectly and shall not permit any Covered Entity (as defined below) which is Controlled (as defined below) by Employee to, either
directly or indirectly, (A) solicit, or take any other action that is intended to solicit, the business of any customers of the Company, (B) solicit, take away, or attempt to solicit or take away (either on such Employee’s behalf or
on behalf of any other person or entity) any person (1) who is then an employee of the Company, or (2) who has terminated his or her employment with the Company within the six (6) months preceding such solicitation or other action, or
(C) entice or solicit or attempt to induce, solicit or influence (either on such Employee’s behalf or on behalf of any other person or entity) any employee of the Company to terminate or otherwise leave their employment with the Company.
Additionally, during the Restricted Period, Employee shall not, either directly or indirectly and shall not permit any Covered Entity which is Controlled by Employee to, either directly or indirectly, hire or attempt to hire (either on such
Employee’s behalf or on behalf of any other person or entity) any person (1) who is then an employee of the Company, or (2) who has terminated his or her employment with the Company within the six (6) months preceding such
hiring. 
 (b) Non-Compete. During the Restricted Period, Employee shall not, either directly or indirectly,
individually or by or through any Covered Entity, participate in, assist, aid or advise in any way, any business or enterprise that competes with the Business in the Territory. During the restricted Period Employee shall not, either directly or
indirectly, individually or by or through any Covered Entity, invest in (whether through debt or equity securities), contribute any capital or make any advances to, take an ownership interest or profit-sharing percentage in, seek to purchase or
acquire, or receive income, compensation 

  

 3 

 
or consulting fees from, any entity or person involved in the Business in the Territory. Notwithstanding the foregoing, nothing contained in this
Section 7(b) prohibits Employee or any Affiliate of Employee from owning less than five percent (5%) of any class of voting securities publicly held and quoted on a recognized securities exchange or inter-deal quotation system, of any
issuer, and no such issuer shall be considered a Covered Entity solely by virtue of such ownership or the incidents thereof; provided, however, that Employee hereby acknowledges and agrees that the ownership of securities permitted herein is limited
to a passive investment and that Employee is hereby prohibited from actively participating in the business of or otherwise maintaining a relationship with such issuer that would contravene the restricted activities contemplated by this
Section 7 (b), other than to participate in the general rights and benefits as a shareholder thereof. 
 (c)
Enforcement; Remedies. Employee hereby agrees and acknowledges that (i) the payments made pursuant to Section 3(c) above were made in substantial part in exchange for Employee’s agreement to comply with his obligations
described in this Section 7, and (ii) the Company has a valid and legitimate business interest in protecting the Business in the Territory from any activity prohibited by this Section 7. Employee acknowledges that Employee’s
expertise in the Business is of a special and unique character which gives this expertise a particular value, and that a breach of the covenants in this Section 7 by Employee will cause serious and irreparable harm to the Company. Employee
therefore acknowledges that a breach of the covenants in this Section 7 by Employee cannot be adequately compensated in an action for damages at law, and that in the event of such a breach, in addition to any other remedies the Company may have
under this Agreement or otherwise, including partial reimbursement of the payment made to Employee pursuant to Section 3(c) above, equitable relief would be necessary to protect the Company from the harm this Agreement is intended to prevent
and the Company is entitled to preliminary and permanent injunctive and other equitable relief to prevent or curtail any breach of this Agreement without any requirement to prove actual damages or post a bond. Employee acknowledges, however, that no
specification in this Agreement of a particular legal or equitable remedy may be construed as a waiver of or prohibition against pursuing other legal or equitable remedies in the event of a breach of this Agreement by Employee. 
 (d) Severability and Modification of Any Unenforceable Covenant. It is the parties’ intent that each of the covenants under
this Section 7 be read and interpreted with every reasonable inference given to its enforceability. However, it is also the parties’ intent that if any term, provision or condition of the covenants is held to be invalid, void or
unenforceable, the remainder of the provisions thereof shall remain in full force and effect and shall in no way be affected, impaired or invalidated. It is also the parties’ intent that if it is determined any of the covenants are
unenforceable because of overbreadth, then the covenants shall be modified so as to make them reasonable and enforceable under the prevailing circumstances. 
 (e) Tolling. In the event of the breach by Employee of any covenant set forth in Section 7(a) or (b) hereof, the running
of the Restricted Period, as applicable, shall be automatically tolled and suspended for the amount of time that the breach continues, and shall automatically recommence when the breach is remedied so that the Company shall receive the benefit of
Employee’s compliance with the covenants. 
 (f) Definitions. For the purposes of this Section 7, the
following terms are defined as follows: 
 1. “Affiliate” means, with respect to any party, any corporation,
limited liability company, partnership, joint venture, firm and/or other entity which Controls, is Controlled by or is under common Control with such party. 
 2. “Business” means the business of the Company as of the effective date of this Agreement, and any other business
activity or service in which the Company is engaged or making an active effort to develop business as of the Separation Date. 
  

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 3. “Control” means (i) in the case of corporate entities,
direct or indirect ownership of at least fifty percent (50%) of the stock or participating assets entitled to vote for the election of directors; and (ii) in the case of non-corporate entities (such as individuals, limited liability
companies, partnerships or limited partnerships), either (A) direct or indirect ownership of at least fifty percent (50%) of the equity interest, or (B) the power to direct the management and policies of the non-corporate entity.

 4. “Covered Entity” means every Affiliate of Employee, and every business, association, trust,
corporation, partnership, limited liability company, proprietorship or other entity in which Employee has invested (whether through debt or equity securities), or has contributed any capital or made any advances to, or in which any Affiliate of
Employee has an ownership interest or profit sharing percentage, or a firm from which Employee or any Affiliate of Employee receives or is entitled to receive income, compensation or consulting fees in which Employee or any Affiliate of Employee has
an interest as a lender (other than solely as a trade creditor for the sale of goods or provision of services that do not otherwise violate the provisions of this Agreement); provided, however, that only entities whose management
decisions are influenced by Employee shall be considered Covered Entities for purposes of this Agreement. The agreements of Employee contained herein specifically apply to each entity which is presently a Covered Entity or which becomes a Covered
Entity subsequent to the date of this Agreement, and in both cases is a Covered Entity at the time of the violation of Section 7. Notwithstanding anything contained in the foregoing provisions to the contrary, the term “Covered
Entity” shall not include the Company. 
 5. “Territory” means each and every state, county, city or other
political subdivision or geographic location in the United States, Singapore, Malaysia or in any other territory or jurisdiction outside of the United States, Singapore and Malaysia, in each case in which the Company is engaged in the Business.

 8. Transition and Availability; Other Agreements. The parties further agree that: 
 (a) Transition. Each of the Company and the Employee shall use their respective reasonable commercial efforts from the date hereof
through the Separation Date to cooperate with each other in good faith to facilitate a smooth transition of Employee’s duties to other employees of the Company. 
 (b) Availability. During the period of time beginning on the Separation Date and ending on March 31, 2009 or such earlier date
as determined by the Company in its sole discretion, Employee agrees to be available on a non-exclusive basis to provide such advice and transition support to the Company and its affiliates, and at such times and locations, as are reasonably
requested by the Company. Employee acknowledges that such duties shall include matters related to the orderly wind-up and transition of Employee’s duties and responsibilities to the Company. In carrying out his duties, Employee shall abide by
the policies, rules, regulations, and practices as adopted or modified from time to time in the Company’s sole discretion. The parties agree that the consideration provided for in this Agreement shall be sufficient to constitute adequate
consideration for the fair value of the foregoing undertakings and transition support during such period of time. In providing any such services, Employee shall be an independent consultant and understands and agrees that he shall be responsible for
any taxes with respect to the amounts paid to him under this Agreement and that his services may be terminated at any time in the Company’s sole discretion. 
 (c) Non-Disparagement. The parties agree that they shall not disparage, defame or criticize each other including the Company’s
directors, officers, agents, partners, shareholders or employees, either publicly or privately. Nothing in this Section 8(c) shall have application to any evidence or testimony requested by or given to any court, arbitrator or government agency
or authority. 
  

 5 

 (d) Cooperation. Subject to Employee’s other business pursuits, including
other employment, Employee agrees to cooperate fully and promptly with the Company in its efforts to prosecute or defend itself against any claim, suit, demand or cause of action (not brought by the Company against Employee or by Employee against
the Company); provided that the Company shall be responsible for any reasonable and documented out-of-pocket costs or expenses associated with such cooperation (including reasonable attorneys’ fees). 
 (e) Personal Expenses. Any personal expenses incurred by the Company on the Employee’s behalf, including personal charges to
any Company credit card (if any), shall promptly be reimbursed by Employee upon presentation by the Company. 
 (f)
Transfer of Company Property. Within thirty five (35) days of the Separation Date, or other later date as the Company may determine, Employee agrees to turn over to the Company any and all property, tangible or intangible, relating to
its business, which he possessed or had control over at any time (including, but not limited to, Company-provided credit cards, building or office access cards, keys, computer or other business equipment, manuals, files, documents, records,
software, employee database and other data), and that he shall not retain any copies, compilations, extracts, excerpts, summaries or other notes of any such manuals, files, documents, records, software, customer or employee database or other data
files, memoranda, records, and other documents, and any other physical or personal property which are the property of the Company and which he had in his possession, custody or control, including any computers, cellular phones, PDAs or similar
business equipment. 
 9. Confidentiality. Except as may be required by law, neither Employee, his attorneys, nor any person acting
by, through, under or in concert with them, shall disclose the terms of this Agreement to any individual or entity. It shall not be a violation of this provision, however, for Employee to advise his accountant or similar professional advisor owing a
duty of confidentiality to Employee of the terms of this Agreement and the Released Matters contained herein. 
 10. Employee
Representations. Employee warrants and represents that (a) he has not filed or authorized the filing of any complaints, charges or lawsuits against the Company with any governmental agency or court, and that if, unbeknownst to Employee,
such a complaint, charge or lawsuit has been filed on his behalf, he will immediately cause it to be withdrawn and dismissed, (b) he has reported all hours worked as of the date of this Agreement and has been paid all compensation, wages,
bonuses, commissions, and/or benefits to which he may be entitled and no other compensation, wages, bonuses, commissions and/or benefits are due to his, except as provided in this Agreement, (c) he has no known workplace injuries or
occupational diseases and has been provided and/or has not been denied any leave requested under applicable law, (d) the execution, delivery and performance of this Agreement by the Employee does not and will not conflict with, breach, violate
or cause a default under any agreement, contract or instrument to which the Employee is a party or any judgment, order or decree to which the Employee is subject, and (e) upon the execution and delivery of this Agreement by the Company and the
Employee, this Agreement will be a valid and binding obligation of the Employee, enforceable in accordance with its terms. 
 11. No
Assignment. Employee warrants and represents that no portion of any of the Released Matters, and no portion of any recovery or settlement to which Employee might be entitled, has been assigned or transferred to any other person, firm or
corporation not a party to this Agreement, in any manner, including by way of subrogation or operation of law or otherwise. If any claim, action, demand or suit should be made or instituted against the Company because of any such purported
assignment, subrogation or transfer, Employee agrees to indemnify and hold harmless the Company against such claim, action, suit or demand, including necessary expenses of investigation, attorneys’ fees and costs. 
  

 6 

 12. Dispute Resolution. This Agreement is governed by and shall be construed in accordance with
the laws of the Republic of Singapore and is subject to the exclusive jurisdiction of the Courts of the Republic of Singapore. 
 13.
Miscellaneous. This Agreement, collectively with the Management Shareholders Agreement, the ARCIPD and the other agreements referenced herein, is the entire agreement between the parties with regard to the subject matter hereof. This
Agreement shall be interpreted in accordance with the laws of Singapore. Whenever possible, each provision of this Agreement shall be interpreted in a manner as to be effective and valid under applicable law, but if any provision shall be held to be
prohibited or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating or affecting the remainder of such provision or any of the remaining provisions of this
Agreement. Employee acknowledges that there are no other agreements, written, oral or implied, and that he may not rely on any prior negotiations, discussions, representations or agreements. This Agreement may be modified only in writing, and such
writing must be signed by both parties and recited that it is intended to modify this Agreement. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and
the same agreement. In the event of any material breach of this Agreement, not cured within ten (10) days after written notice, the non-defaulting party shall have all rights and remedies available under law. Each party shall be solely
responsible for and shall bear all of its own costs and expenses incident to its obligations under and in respect of this Agreement, including, but not limited to, any such costs and expenses incurred by such party in connection with the
negotiation, preparation, performance of and compliance with the terms of this Agreement (including, without limitation, the fees and expenses of legal counsel or other representatives). 
 IN WITNESS WHEREOF, the undersigned have caused this Employment Separation Agreement to be duly executed and delivered as of the date indicated next to
their respective signatures below. 
 DATED: 3/8/2009 
  

			
	/s/ Bian-Ee Tan
	Tan, Bian-Ee
	
	AVAGO TECHNOLOGIES LIMITED

 DATED: 4/7/2009 
  

			
	By:	 	/s/ Hock E. Tan
	Name: 	 	Hock E. Tan
	Title:	 	President and Chief Executive Officer

  

 7

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