Document:

Exhibit 10.2

 

GEMPHIRE THERAPEUTICS INC.

INDUCEMENT PLAN

 

OPTION GRANT NOTICE

 

Gemphire Therapeutics Inc. (the “Company”), pursuant to its Inducement Plan (the “Plan”), hereby grants to Optionholder an option to purchase the number of shares of the Company’s Common Stock set forth below. This option is subject to all of the terms and conditions as set forth herein and in the Option Agreement, the Plan, and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety.

 

	
 
    	
Optionholder:
    	
 
    
	
 
    	
Date of Grant:
    	
 
    
	
 
    	
Vesting Commencement Date:
    	
 
    
	
 
    	
Number of Shares Subject to Option:
    	
 
    
	
 
    	
Exercise Price (Per Share):
    	
$
    
	
 
    	
Total Exercise Price:
    	
$
    
	
 
    	
Expiration Date:
    	
 
    

 

	
Type of   Grant:
    	
Nonstatutory Stock Option
    
	
 
    	
 
    
	
Vesting   Schedule:
    	
                of   the shares covered by the option will vest and become exercisable on                        (                        after the Vesting Commencement Date); the balance of the shares vest and   become exercisable in a series   of             successive   equal monthly installments measured from the first anniversary of the Vesting   Commencement Date provided your Continuous Service has not been terminated or   interrupted during the period preceding such vesting date.
    
	
 
    	
 
    
	
Exercise   Schedule:
    	
o       Same   as Vesting Schedule
    
	
 
    	
 
    
	
Payment:
    	
By one or a combination of the following items   (described in the Option Agreement):
    
	
 
    	
 
    
	
 
    	
o       By   cash or check
    
	
 
    	
o       Pursuant   to a Regulation T Program if the Shares are publicly traded
    
	
 
    	
o       By   delivery of already-owned shares if the Shares are publicly traded
    
	
 
    	
o       Subject   to the Company’s consent at the time of exercise, by a “net exercise”   arrangement
    

 

Additional Terms/Acknowledgements: The undersigned Optionholder acknowledges receipt of, and understands and agrees to, this Option Grant Notice, the Option Agreement, and the Plan. Optionholder further acknowledges that as of the Date of Grant, this Option Grant Notice, the Option Agreement, and the Plan set forth the entire understanding between Optionholder and the Company regarding the acquisition of stock in the Company and supersede all prior oral and written agreements on that subject with the exception of (i) options previously granted and delivered to Optionholder by the Company, and (ii) the following agreements only:

 

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OTHER AGREEMENTS:

 

	
GEMPHIRE   THERAPEUTICS INC.
    	
 
    	
OPTIONHOLDER:
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Signature
    	
 
    	
Signature
    
	
Title:
    	
 
    	
Date:
    
	
Date:
    	
 
    	
 
    

 

ATTACHMENTS SENT OUT VIA E-MAIL: Option Agreement, Inducement Plan, and Notice of Exercise

 

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GEMPHIRE THERAPEUTICS INC.

INDUCEMENT PLAN

 

OPTION AGREEMENT

(NONSTATUTORY STOCK OPTION)

 

Pursuant to your Option Grant Notice (“Grant Notice”) and this Option Agreement, Gemphire Therapeutics Inc. (the “Company”) has granted you an option under its Inducement Plan (the “Plan”) to purchase the number of shares of the Company’s Common Stock indicated in your Grant Notice at the exercise price indicated in your Grant Notice. Defined terms not explicitly defined in this Option Agreement but defined in the Plan shall have the same definitions as in the Plan.

 

The details of your option are as follows:

 

1.                          VESTING. Subject to the limitations contained herein, your option will vest as provided in your Grant Notice, provided that vesting will cease upon the termination of your Continuous Service.

 

2.                          NUMBER OF SHARES AND EXERCISE PRICE. The number of shares of Common Stock subject to your option and your exercise price per share referenced in your Grant Notice may be adjusted from time to time for Capitalization Adjustments.

 

3.                          EXERCISE RESTRICTION FOR NON-EXEMPT EMPLOYEES. In the event that you are an Employee eligible for overtime compensation under the Fair Labor Standards Act of 1938, as amended (i.e., a “Non-Exempt Employee”), and except as otherwise provided in the Plan, you may not exercise your option until you have completed at least six (6) months of Continuous Service measured from the Date of Grant specified in your Grant Notice, notwithstanding any other provision of your option.

 

4.                          METHOD OF PAYMENT. Payment of the exercise price is due in full upon exercise of all or any part of your option. You may elect to make payment of the exercise price in cash or by check or in one or more of the following manners:

 

(a)         Provided that at the time of exercise the Common Stock is publicly traded, pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of Common Stock, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds.

 

(b)         Provided that at the time of exercise the Common Stock is publicly traded, by delivery to the Company (either by actual delivery or attestation) of already-owned shares of Common Stock that are owned free and clear of any liens, claims, encumbrances or security interests, and that are valued at Fair Market Value on the date of exercise. “Delivery” for these purposes, in the sole discretion of the Company at the time you exercise your option, shall include delivery to the Company of your attestation of ownership of such shares of Common Stock in a form approved by the Company. Notwithstanding the foregoing, you may not exercise your option by tender to the Company of Common Stock to the extent such tender would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s stock.

 

(c)          Subject to the consent of the Company at the time of exercise, by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock issued upon exercise of your option by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided, however, that the Company shall accept a cash or other payment from you to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued; provided further, however, that shares of Common Stock will no longer be outstanding under your option and will not be exercisable thereafter to the extent that (1) shares are used to pay the exercise price pursuant to the “net exercise,” (2) shares are delivered to you as a result of such exercise, and (3) shares are withheld to satisfy tax withholding obligations.

 

5.                          WHOLE SHARES. You may exercise your option only for whole shares of Common Stock.

 

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6.                          SECURITIES LAW COMPLIANCE. Notwithstanding anything to the contrary contained herein, you may not exercise your option unless the shares of Common Stock issuable upon such exercise are then registered under the Securities Act or, if such shares of Common Stock are not then so registered, the Company has determined that such exercise and issuance would be exempt from the registration requirements of the Securities Act. The exercise of your option also must comply with other applicable laws and regulations governing your option, and you may not exercise your option if the Company determines that such exercise would not be in material compliance with such laws and regulations.

 

7.                          TERM. You may not exercise your option before the commencement or after the expiration of its term. The term of your option commences on the Date of Grant and expires, subject to the provisions of Section 5(g) of the Plan, upon the earliest of the following:

 

(a)         immediately upon the termination of your Continuous Service for Cause;

 

(b)         three months after the termination of your Continuous Service for any reason other than Cause, Disability or death, provided that if during any part of such three month period you may not exercise your option solely because of the condition set forth in the preceding paragraph relating to “Securities Law Compliance,” your option shall not expire until the earlier of the Expiration Date or until it shall have been exercisable for an aggregate period of three months after the termination of your Continuous Service; and if (i) you are a Non-Exempt Employee, (ii) your Continuous Service terminates within six months after the Date of Grant specified in your Grant Notice, and (iii) you have vested in a portion of your option at the time of your termination of Continuous Service, your option shall not expire until the earlier of (x) the later of (A) the date that is seven months after the Date of Grant specified in your Grant Notice or (B) the date that is three months after the termination of your Continuous Service, or (y) the Expiration Date;

 

(c)          12 months after the termination of your Continuous Service due to your Disability;

 

(d)         18 months after your death if you die during your Continuous Service;

 

(e)          the Expiration Date indicated in your Grant Notice; or

 

(f)           the day before the tenth anniversary of the Date of Grant.

 

Notwithstanding the foregoing, if you die during the period provided in Section 7(b) or 7(c) above, the term of your option shall not expire until the earlier of 18 months after your death, the Expiration Date indicated in your Grant Notice, or the day before the tenth anniversary of the Date of Grant.

 

8.                          EXERCISE.

 

(a)         You may exercise the vested portion of your option during its term by delivering a Notice of Exercise (in a form designated by the Company) together with the exercise price to the Secretary of the Company, or to such other person as the Company may designate, during regular business hours, together with such additional documents as the Company may then require.

 

(b)         By exercising your option you agree that, as a condition to any exercise of your option, the Company may require you to enter into an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (i) the exercise of your option, (ii) the lapse of any substantial risk of forfeiture to which the shares of Common Stock are subject at the time of exercise, or (iii) the disposition of shares of Common Stock acquired upon such exercise.

 

9.                          TRANSFERABILITY. Your option is not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life only by you. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, shall thereafter be entitled to exercise your option to the extent the option is exercisable at the time of your death. In addition, you may transfer your option to a trust if you are considered to be the sole beneficial owner (determined under Section 671 of the Code and applicable state law) while the option is held in the trust, provided that you and the trustee enter into transfer and other agreements required by the Company.

 

10.                   OPTION NOT A SERVICE CONTRACT. Your option is not an employment or service contract, and nothing in your option shall be deemed to create in any way whatsoever any obligation on your part to continue in the employ

 

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of the Company or an Affiliate, or of the Company or an Affiliate to continue your employment. In addition, nothing in your option shall obligate the Company or an Affiliate, their respective stockholders, Boards of Directors, Officers or Employees to continue any relationship that you might have as a Director or Consultant for the Company or an Affiliate.

 

11.                   WITHHOLDING OBLIGATIONS

 

(a)         At the time you exercise your option, in whole or in part, or at any time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “cashless exercise” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or an Affiliate, if any, which arise in connection with the exercise of your option.

 

(b)         Upon your request and subject to approval by the Company, in its sole discretion, and compliance with any applicable legal conditions or restrictions, the Company may withhold from fully vested shares of Common Stock otherwise issuable to you upon the exercise of your option a number of whole shares of Common Stock having a Fair Market Value, determined by the Company as of the date of exercise, not in excess of the minimum amount required to be withheld by law (or such lower amount as may be necessary to avoid classification of your option as a liability for financial accounting purposes). Any adverse consequences to you arising in connection with such share withholding procedure shall be your sole responsibility.

 

(c)          You may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate are satisfied. Accordingly, you may not be able to exercise your option when desired even though your option is vested, and the Company shall have no obligation to issue a certificate for such shares of Common Stock or release such shares of Common Stock from any escrow provided for herein unless such obligations are satisfied.

 

12.                   TAX CONSEQUENCES. You hereby agree that the Company does not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You shall not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from your option or your other compensation. In particular, you acknowledge that this option is exempt from Section 409A of the Code only if the exercise price per share specified in the Grant Notice is at least equal to the “fair market value” per share of the Common Stock on the Date of Grant, there is no impermissible deferral of compensation associated with the option, and any other requirements for such exemption are satisfied.

 

13.                   NOTICES. Any notices provided for in your option or the Plan shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company.

 

14.                   GOVERNING PLAN DOCUMENT. Your option is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your option, and is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of your option and those of the Plan, the provisions of the Plan shall control.

 

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Gemphire Therapeutics Inc.

[Address]

 

Date of Exercise:

 

Ladies and Gentlemen:

 

This constitutes notice under my stock option that I elect to purchase the number of shares for the price set forth below.

 

	
Type of option:
    	
 
    	
Nonstatutory
    
	
 
    	
 
    	
 
    
	
Stock option   dated:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Number of shares   as to which option is exercised:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Shares to be   issued in name of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Total exercise   price:
    	
 
    	
$
    	
 
    
	
 
    	
 
    	
 
    
	
Cash payment   delivered herewith:
    	
 
    	
$
    	
 
    
	
 
    	
 
    	
 
    
	
Regulation T   Program (cashless exercise):
    	
 
    	
$
    	
 
    
	
 
    	
 
    	
 
    
	
Value of               shares   of Gemphire Therapeutics Inc. Common Stock delivered herewith(1):
    	
 
    	
$
    	
 
    
	
 
    	
 
    	
 
    
	
Value of               shares   of Gemphire Therapeutics Inc. Common Stock to be retained by Gemphire   Therapeutics Inc. pursuant to net exercise(2):
    	
 
    	
$
    	
 
    

 

By this exercise, I agree (i) to provide such additional documents as you may require pursuant to the terms of the Gemphire Therapeutics Inc. Inducement Plan and (ii) to provide for the payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to the exercise of this option.

 

 

	
 
    	
Very truly yours,
    

 

(1)         Shares must meet the public trading requirements set forth in the option. Shares must be valued on the date of exercise in accordance with the terms of the Plan and the option being exercised, and must be owned free and clear of any liens, claims, encumbrances or security interests. Certificates must be endorsed or accompanied by an executed assignment separate from certificate.

 

(2)         The Company must have established net exercise procedures at the time of exercise in order to utilize this payment method and must expressly consent to your use of net exercise at the time of exercise.

 

6EX-10.1

 Exhibit 10.1 

Dave Caron 
 [address] 

Dear Dave,
 It is our pleasure to offer you the position of
Senior Vice President, Corporate Controller and Chief Accounting Officer with Marvell Semiconductor, Inc. (the “Company”), a subsidiary of Marvell Technology Group Ltd. (“Marvell”). You will report to the Chief Financial Officer
and will be considered the Company’s “principal accounting officer” for purposes of both Securities and Exchange Commission (“SEC”) reporting purposes and compliance with Section 16 under the Securities Exchange Act.

 Base Salary 
 Your salary will
be $375,000.00 US Dollars (USD) per year. 
 Annual Incentive Bonus 

You will be eligible to participate in the Company’s Performance Rewards Program (“PRP”) with a target bonus of 50% of your current base
salary. The amount of your actual PRP bonus payment will be determined by the Company at its sole discretion based on a combination of Company, business unit/group, and individual performance, and will be pro-rated according to your date of
hire, pursuant to the PRP policy. You must be an active Company employee at the time of the bonus payout to be eligible for payment. 

Equity 
 You will be recommended to the Executive
Compensation Committee (the “ECC”) for the following new-hire grants: 
 Time Based RSU Award (TBRSU) – a
restricted stock unit award of common shares of Marvell equal to: ($225,200 / Share Price) 
 The TBRSU shall vest over three (3) years
at the rate of 33% after the first anniversary of the vesting start date, 33% after the second anniversary of the vesting start date and 34% after the third anniversary of the vesting start date, provided that you continue to serve as a service
provider through the applicable vesting date.
 Performance Based RSU Award based on Total Shareholder Return (TSRRSU) – a
restricted stock unit award of common shares of Marvell equal to: ($168,900 / Share Price) 
 The TSRRSU shall vest on the third anniversary
of the vesting start date based on achievement of performance objectives relating to the relative total shareholder return of Marvell’s stock as compared to the total shareholder return of comparable companies of

 
the Philadelphia Semiconductor Sector Index over the performance period measured from the First Current Date (as defined below) through the end of fiscal year 2019, provided that you continue to
serve as a service provider through the third anniversary of the vesting start date. The specific performance objectives, comparable companies, payout formula (under which the number of shares that could vest under the TSRRSU can range from zero to
150% of the target number, with zero payout if Marvell’s TSR is below the 25th percentile of comparable companies, 50% payout if TSR is at the
25th percentile, 100% payout if TSR is at the 50th percentile, and 150% payout if TSR is at or above the 75th percentile, with straight line interpolation of the payout percentages for TSR between the 25th and 75th percentiles) and other terms for the TSRRSU will be established by the ECC at the time of grant. 

Performance Based RSU Award based on Operating Performance Metrics (OPMRSU) – a restricted stock unit award of common shares
of Marvell equal to: ($168,900 / Share Price) 
 The OPMRSU shall vest based on the achievement of operating performance metrics for fiscal
years 2017 and 2018. The performance period, metrics and relative weightings (as well as the maximum number of shares that could vest under the OPMRSU if performance exceeds the target achievement level) will be established by the ECC at the time of
grant and will be measured as of the end of fiscal year 2018. Any shares, if any, deemed to have been earned upon the successful achievement of such metrics will vest 100% on the third anniversary of the vesting start date, provided that you
continue to serve as a service provider through such vesting date. 
 Equity Buy-Out Awards 

In acknowledgement of your existing unvested equity position that will be forfeited upon termination of your current employment, you will be recommended to the
ECC for the following additional grants: 
 Hire-On RSU Award (HORSU) – a restricted stock unit award of common shares of
Marvell equal to: ($250,000 / Share Price) 
 The HORSU shall vest over three (3) years at the rate of 33% on the first anniversary of
your start date, 33% on the second anniversary of your start date and 34% on the third anniversary of your start date, provided that you continue to serve as a service provider through the applicable vesting date. However, if we terminate your
employment without Cause (as defined below) within two years of your commencement of employment, the unvested portion of this award will vest in full on the date your employment with the Company terminates, provided that you execute and do not
revoke a separation agreement and complete a release of claims in a form provided by the Company (the “Release”), which Release has become effective within 60 days following your employment termination date. 

 Hire-On PSU Award (HOPSU) – a restricted stock unit award of common shares of
Marvell equal to: ($250,000 / Share Price) 
 The HOPSU shall vest on the third anniversary of the vesting start date based on achievement of
performance objectives relating to the relative total shareholder return of Marvell’s stock as compared to the total shareholder return of comparable companies of the Philadelphia Semiconductor Sector Index over the performance period measured
from the First Current Date (as defined below) through the end of fiscal year 2019, provided that you continue to serve as a service provider through the third anniversary of the vesting start date. The specific performance objectives, comparable
companies, payout formula (under which the number of shares that could vest under the HOPSU can range from zero to 150% of the target number, with zero payout if Marvell’s TSR is below the
25th percentile of comparable companies, 50% payout if TSR is at the 25th percentile, 100% payout if TSR is at the 50th percentile, and 150% payout if TSR is at or above the 75th percentile, with straight line interpolation of the payout percentages for TSR between
the 25th and 75th percentiles) and other terms for the HOPSU will be established by the ECC at the time of grant. 

If we terminate your employment without Cause (as defined below) within two years of your commencement of employment, (i) the performance
measurement period will be deemed to end on the date five (5) business days before your employment termination date, (ii) the achievement of the performance metrics will be calculated by the ECC with respect to such shortened measurement
period, and (iii) the number of shares that would vest based on such calculations will vest effective upon your termination date, provided that you execute and do not revoke a Release. Any remaining unvested portion of the HOPSU will be
forfeited and terminate. 
 For purposes of this letter agreement only, “Cause” is defined as: (a) an act of dishonesty in connection with
your job responsibilities; (b) conviction of, or plea of nolo contendere to, a felony or any crime involving fraud or embezzlement; (c) gross misconduct; (d) unauthorized use or disclosure of any proprietary information or trade
secrets of the Company, Marvell or any other party to whom the Company or Marvell owe an obligation of nondisclosure; (e) willful breach of any obligations under any written agreement or covenant with the Company or Marvell; (f) failure to
cooperate in good faith with a governmental or internal investigation of the Company, Marvell or their directors, officers or employees, if the Company or Marvell has requested your cooperation; or (g) failure to cure performance deficiencies
within 10 days after receipt of notice of such deficiencies from the Company. 
 For purposes of the equity awards described above, “Share Price”
shall mean the closing price of the common shares of Marvell (NASDAQ: MRVL) on the NASDAQ Stock Market on (x) the date that is one (1) full trading day after the first date following the date of this offer letter on which Marvell has filed
all required periodic reports with the Securities and Exchange Commission, such that Marvell is “current” with its financial reporting, or (y) the date that the awards are approved by the ECC (but no later than 30 days after the
“First Current Date” as defined below), whichever is later. The date that Marvell becomes “current” with its financial reporting is referred to as the “First Current Date”. 

 For purposes of the equity awards described above, the vesting start date shall be the 15th of the month
coincident with or next following the date on which you begin employment with the Company (i.e., individuals hired after the 15th of the month will have a vesting start date of the 15th of the following month). 

Marvell’s Current Ability to Grant Equity 

All Marvell equity awards are subject to final review and approval by the ECC and all applicable securities law restrictions. Please note that, as of the
time of this offer, Marvell has not timely filed certain required periodic reports with the SEC. Therefore, Marvell cannot grant any of the equity awards set forth in this offer letter until such time as it has completed all necessary filings. In
addition, all of the proposed equity awards set forth herein will be subject to your return to us of completed, signed Stock Unit Agreements.

Sign-On Bonus 
 Because you may be leaving your
current employer before receiving your FY2016 bonus, we are providing you with a sign-on bonus in the amount of $200,000 US Dollars (USD), less applicable withholding. Your sign-on bonus is subject to repayment to us within ninety (90) days of
your resignation date if you resign within twelve (12) months of the start date of your employment. 
 In the event that within twelve (12) months
of the start date of your employment you are terminated for “Cause” (as defined above), you agree to repay us a pro rata portion of the sign-on bonus (net of withholding taxes deducted from the payment of such amount to you to the extent
the Company can recover them from the applicable tax authorities) based on the number of days remaining in the twelve-month period commencing on the start date of your employment at the time of your employment termination. Such repayment shall be
made within 90 days of such termination of employment. Accordingly, your sign-on bonus will be deemed earned for California labor purposes in daily increments during the twelve (12) months after your start date. 

Change-in-Control 
 You will be eligible to
participate in the Marvell Change in Control and Severance Plan (“CIC Plan”), subject to the terms and conditions of the CIC Plan and the form of agreement attached hereto as Appendix A. 

Other Terms 
 Your employment with the Company is
at the mutual consent of you, the employee, and the Company, the employer. Your employment with the Company is at will, meaning that either you or the Company may terminate the employment relationship at any time, with or without cause. The at-will
nature of your employment may only be changed by a written agreement signed by the CEO. During your employment, you will be subject to and agree to abide by and acknowledge all employment policies the Company has or adopts from time to time
including, but not limited to, the Company New Hire Employee Agreement, which contains Confidential Information and Invention Assignment and Arbitration Agreements. 

 In accordance with the Immigration Reform and Control Act of 1986, it will be necessary for you to submit
documents to Human Resources evidencing both your employment authorization and identity within three (3) business days of your date of hire. Acceptable documents include, but are not limited to:

 

	 	•	 	A valid driver’s license and social security card, or 

  

	 	•	 	A current passport 

 Please note your offer is contingent upon: 

 

	 	•	 	Successful completion of a routine background investigation and reference checks; 

  

	 	•	 	The Company’s receipt from you of a signed New Hire Employee Agreement, which contains the Company’s Confidential Information and Invention Assignment Agreement and Arbitration Agreement; and

  

	 	•	 	Completion of visa, license requirements, and government restricted party screening requirements, if applicable. 

Marvell Semiconductor, Inc. is an exciting company whose mission is to be the leading provider of high performance and high value-added mixed-signal
integrated circuits for the computer, storage, communications and multimedia markets. We look forward to your acceptance as we believe you will be an important addition to our team in achieving our near and long term objectives.

This letter (if accepted) and the New Hire Employee Agreement, which contains the Company’s Arbitration Agreement and Confidential Information and
Invention Assignment Agreement, constitute the entire agreement between you and the Company regarding the terms of your employment, and supersede any prior representations or agreements, whether written or oral, concerning the terms of your
employment. This letter may not be modified or amended except by a signed written agreement from the Company. 
 To accept this offer, please sign below and
return the letter to me. Before submitting your response please print a copy of this letter for your records. 
 Sincerely, 

/s/ Mitchell Gaynor 
 Mitchell Gaynor 

EVP, Chief Legal Officer and Secretary 

 Accepted By: 
  

					
	 /s/ Dave Caron
	    	 8/26/16
	    	 Between 9/26/16 –10/10/16

	Dave Caron	    	Date Signed	    	Start Date

 Appendix A 

Marvell Technology Group Ltd. Change in Control and Severance Plan 

Participation Agreement 
 Marvell
Technology Group Ltd. (the “Company”) is pleased to inform you that you have been selected to participate in the Company’s Change in Control and Severance Plan (the “Plan”) as a Participant. 

A copy of the Plan was delivered to you with this Participation Agreement. Your participation in the Plan is subject to all of the terms and conditions of the
Plan. The capitalized terms used but not defined herein will have the meanings ascribed to them in the Plan. 
 In order to actually become a participant in
the Plan, you must complete and sign this Participation Agreement and return it to [NAME] no later than [DATE]. 
 In the event of a Change in Control where
the successor corporation does not assume your Equity Awards or substitute Equity Awards for substantially similar awards with the same or more favorable vesting schedule as your Equity Awards, then your Equity Awards will accelerate and vest in
full in accordance with Section 3 of the Plan. 
 Also, the Plan describes in detail certain circumstances under which you may become eligible for
certain Severance Benefits under Section 5 of the Plan if, during the Change in Control Period, you incur an Involuntary Termination. If you become eligible for Severance Benefits as described in the Plan, then subject to the terms and
conditions of the Plan, you will receive: 
 1. Cash Severance Benefits. 

a. Base Salary. A lump-sum payment (less applicable withholding taxes) equal to 12 months of your annual base salary as in effect
immediately prior to your Involuntary Termination (or if your Involuntary Termination is a termination for Good Reason due to a material reduction in your level of annual base salary, your annual base salary as in effect immediately prior to such
reduction) or, if greater, at the level in effect immediately prior to the Change in Control. 
 b. Bonus. A lump-sum payment equal
to 100% of your annual target bonus for the fiscal year in which your Involuntary Termination occurs or, if greater, your annual target bonus in effect immediately prior to the Change in Control. 

c. Pro-Rata Bonus. A lump-sum payment equal to your annual target bonus for the fiscal year in which your Involuntary Termination
occurs, pro-rated for the number of full months employed during the fiscal year. 
 2. Equity Award Vesting Acceleration. 100% of
your then-outstanding and unvested Equity Awards will become vested in full. If, however, an outstanding Equity Award is to vest and/or the amount of the award to vest is to be determined based on the achievement of performance criteria, then the
Equity Award will vest as to 100% of the amount of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s); provided however, that (A) if there is no “target” level,
then the number that will vest shall be 100% of the maximum amount that could vest with respect to that relevant measurement period(s); and (B) if the performance period has been completed and the actual performance achieved is greater than the
target level, then the number that will vest shall be 100% of the amount that would vest based on that actual performance achievement level with respect to that relevant measurement period; and (C) if the performance criteria is a Total
Shareholder Return (“TSR”) or other measure based on the value of the Company’s stock, the amount that will vest will be calculated as if the measurement period ended on the date of the Change in Control (and including the final
closing price of the Company’s stock on such date). Any Company stock options and stock appreciation rights shall thereafter remain exercisable following the Employee’s employment termination for the period prescribed in the respective
option and stock appreciation right agreements. 

 3. Continued Medical Benefits. Your reimbursement of continued health coverage under COBRA
or taxable monthly payment in lieu of reimbursement, as applicable, and as described in Section 5.3 of the Plan will be provided for a period of 12 months following your termination of employment. Notwithstanding the foregoing, if you are
not employed in the United States, the benefit under this paragraph will be a regional equivalent to COBRA determined by the Administrator in its sole discretion. 

In order to receive any Severance Benefits for which you otherwise become eligible under the Plan, you must sign and deliver to the Company
the Release, which must have become effective and irrevocable within the requisite period. 
 By your signature below, you and the Company
agree that your participation in the Plan is governed by this Participation Agreement and the provisions of the Plan. Your signature below confirms that: (1) you have received a copy of the Change in Control and Severance Plan and Summary Plan
Description; (2) you have carefully read this Participation Agreement and the Change in Control and Severance Plan and Summary Plan Description; and (3) decisions and determinations by the Administrator under the Plan will be final and
binding on you and your successors. 
  

			
	MARVELL TECHNOLOGY GROUP LTD.	    	PARTICIPANT
		
	  
	    	  

	Signature	    	Signature
		
	  
	    	  

	Name	    	Date
		
	  
	    	
	Title	    	

 Attachment: Marvell Technology Group Ltd. Change in Control and Severance Plan and Summary Plan Description 

[Signature Page to the Participation Agreement]

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