Document:

ex1003q033110.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    REVONERGY
INC.

    (a
Nevada corporation)

    

    Warrant
for the Purchase of 666,667

    Shares
of Common Stock, Par Value $0.001

    

    This
Warrant Will Be Void

    After
5:00 P.M. London, UK Time

    On
March 31, 2011

    

    ___________________________

    

    These
securities have not been registered with the Securities and Exchange Commission
(the

    “SEC”) under the
Securities Act of 1933, as amended (the “Securities Act”), and
are being

    offered
in reliance on exemptions from registration provided in Section 4(2) of
the

    Securities
Act and Rule 506 of Regulation D promulgated thereunder and

    preemption
from the registration or qualification requirements (other

    than
notice filing and fee provisions) of applicable state laws under

    the
National Securities Markets Improvement Act of 1996.

    

    ___________________________

    

    THIS WARRANT (this “Warrant”) certifies
that, for value received, Mandarin Venture Capital Inc., or registered assigns
(the “Holder”
or “Holders”),
is entitled, at any time or from time to time on or after March 22, 2010, and on
or before 5:00 p.m. London, UK Time on March 31, 2011 (the “Exercise Period”), to
subscribe for, purchase, and receive 666,667 shares (the “Shares”) of fully
paid and nonassessable common stock, par value $0.001 (the “Common Stock”) of
REVONERGY INC., a Nevada corporation (the “Company”).  This
Warrant is exercisable to purchase the Shares at a price of $0.40 per share (the
“Exercise
Price”).  The number of Shares to be received on exercise of
this Warrant and the Exercise Price may be adjusted on the occurrence of certain
events as described herein.  If the rights represented hereby are not
exercised by 5:00 p.m. London, UK Time on March 31, 2011 (the “Expiration Date”),
this Warrant shall automatically become void and of no further force or effect,
and all rights represented hereby shall cease and expire.

    

    Subject to the terms set forth herein,
this Warrant may be assigned by the Holder in whole or in part by execution of
the form of assignment attached hereto or may be exercised by the Holder in
whole or in part by execution of the form of exercise attached hereto and
payment of the Exercise Price in the manner described above, all subject to the
terms hereof.

    

    1.           Exercise of
Warrants.  The Holder shall have the rights of a shareholder
only with respect to Shares fully paid for by the Holder under this
Warrant.  On the exercise of all or any portion of this Warrant in the
manner provided above, the Holder exercising the same shall be deemed to have
become a holder of record of the Shares as to which this Warrant is exercised
for all purposes, and certificates for the securities so purchased shall be
delivered to the Holder within a reasonable time, but in no event longer than
ten days after this Warrant shall have been exercised as set forth
above.  If this Warrant shall be exercised in respect to only a part
of the Shares covered hereby, the Holder shall be entitled to receive a similar
Warrant of like tenor and date covering the number of Shares with respect to
which this Warrant shall not have been exercised.

    

    2.           Assignment of
Warrants.  In the event this Warrant is assigned in the manner
provided herein, the Company, upon request and upon surrender of this Warrant by
the Holder at the principal office of the Company accompanied by payment of all
transfer taxes, if any, payable in connection therewith, shall transfer this
Warrant on the books of the Company.  If the assignment is in whole,
the Company shall execute and deliver a new Warrant or Warrants of like tenor to
this Warrant to the appropriate assignee expressly evidencing the right to
purchase the aggregate number of Shares purchasable hereunder; and if the
assignment is in part, the Company shall execute and deliver to the appropriate
assignee a new Warrant or Warrants of like tenor expressly evidencing the right
to purchase the portion of the aggregate number of Shares as shall be
contemplated by any such agreement, and shall concurrently execute and deliver
to the Holder a new Warrant of like tenor to this Warrant evidencing the right
to purchase the remaining portion of the Shares purchasable hereunder which have
not been transferred to the assignee.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    3.           Fully Paid
Shares.  The Company covenants and agrees that the Shares which
may be issued on the exercise of this Warrant will, on issuance pursuant to the
terms of this Warrant, be fully paid and nonassessable, free from all taxes,
liens, and charges with respect to the issue thereof, and not issued in
violation of the preemptive or similar right of any other person.  The
Company further covenants and agrees that during the period within which the
rights represented by this Warrant may be exercised, the Company will have
authorized and reserved a sufficient number of Shares of Common Stock to provide
for the exercise of the rights represented by this Warrant.

    

    4.           Adjustment of Exercise Price
and Number of Shares.

    

    (a)           The
number of Shares purchasable on the exercise of this Warrant and the Exercise
Price shall be adjusted appropriately from time to time as follows:

    

    (i)           In
the event the Company shall declare a dividend or make any other distribution on
any capital stock of the Company payable in Common Stock, rights to purchase
Common Stock, or securities convertible into Common Stock or shall subdivide its
outstanding shares of Common Stock into a greater number of shares or combine
such outstanding stock into a smaller number of shares, then in each such event,
the number of Shares subject to this Warrant shall be adjusted so that the
holder shall be entitled to purchase the kind and number of Shares of Common
Stock or other securities of the Company which it would have owned or have been
entitled to receive after the happening of any of the events described above,
had such Warrant been exercised immediately prior to the happening of such event
or any record date with respect thereto; an adjustment made pursuant to this
paragraph (a) shall become effective immediately after the effective date of
such event retroactive to the record date for such event.

    

    (ii)           No
adjustment in the number of Shares purchasable hereunder shall be required
unless such adjustment would require an increase or decrease of at least 1% in
the number of Shares purchasable on the exercise of this Warrant; provided, however, that any
adjustments which by reason of this paragraph (c) are not required to be made
shall be carried forward and taken into account in any subsequent
adjustment.

    

    (iii)          Whenever
the number of Shares purchasable on the exercise of this Warrant is adjusted, as
herein provided, the Exercise Price payable on exercise shall be adjusted by
multiplying the Exercise Price immediately prior to such adjustment by a
fraction, the numerator of which shall be the number of Shares purchasable on
the exercise of this Warrant immediately prior to such adjustment and the
denominator of which shall be the number of Shares so purchasable immediately
thereafter.

    

    (iv)          Whenever
the number of Shares purchasable on the exercise of this Warrant or the Exercise
Price of such Shares are adjusted, as herein provided, the Company shall cause
to be promptly mailed by first class mail, postage prepaid, to the Holder of
this Warrant notice of such adjustment or adjustments and shall deliver a
resolution of the board of directors of the Company setting forth the number of
Shares purchasable on the exercise of this Warrant and the Exercise Price of
such Shares after such adjustment, setting forth a brief statement of the facts
requiring such adjustment, together with the computation by which such
adjustment was made.  Such resolution, in the absence of manifest
error, shall be conclusive evidence of the correctness of
adjustment.

    

    (v)           All
such adjustments shall be made by the board of directors of the Company, which
shall be binding on the Holder in the absence of demonstrable
error.

    

    (b)           No Adjustment in Certain
Cases.  No adjustments shall be made in connection
with:

    

    (i)           
the issuance of any Shares on the exercise of this Warrant;

    

    (ii)           the
conversion of shares of preferred stock;

    

     

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    (iii)          the
exercise or conversion of any rights, options, warrants, or convertible
securities containing the right to purchase or acquire Common
Stock;

    

    (iv)          the
issuance of additional Shares or other securities on account of the antidilution
provisions contained in or relating to this Warrant or any other option,
warrant, or right to acquire Common Stock;

    

    (v)           the
purchase or other acquisition by the Company of any shares of Common Stock,
evidences of its indebtedness or assets, or rights, options, warrants, or
convertible securities containing the right to subscribe for or purchase Common
Stock; or

    

    (vi)          the
sale or issuance by the Company of any shares of Common Stock, evidences of its
indebtedness or assets, or rights, options, warrants, or convertible securities
containing the right to subscribe for or purchase Common Stock or other
securities pursuant to options, warrants, or other rights to acquire Common
Stock or other securities.

    

    5.           Notice of Certain
Events.  In the event of:

    

    (a)           any
taking by the Company of a record of the holders of any class of securities of
the Company for the purpose of determining the holders thereof who are entitled
to receive any dividends or other distribution, or any right to subscribe for,
purchase, or otherwise acquire any shares of stock of any class or any other
securities or property, or to receive any other rights;

    

    (b)           any
capital reorganization of the Company, any reclassification or recapitalization
of the capital stock of the Company, or any transfer of all or substantially all
of the assets of the Company to any other person, or any consolidation, share
exchange, or merger involving the Company; or

    

    (c)           any
voluntary or involuntary dissolution, liquidation, or winding up of the
Company,

    

    the
Company will mail to the Holder(s) of this Warrant, at least 20 days prior to
the earliest date specified therein, a notice specifying the date on which any
such record is to be taken for the purpose of such dividend, distribution, or
right; the amount and character of such dividend, distribution, or right; or the
date on which any such reorganization, reclassification, transfer,
consolidation, share exchange, merger, dissolution, liquidation, or winding up
of the Company will occur and the terms and conditions of such transaction or
event.

    

    6.           Limitation of
Transfer.  Subject to the restrictions set forth in paragraph 7
hereof, this Warrant is transferable at the offices of the
Company.  On such transfer, every holder hereof agrees that the
Company may deem and treat the registered Holder(s) of this Warrant as the true
and lawful owner(s) thereof for all purposes, and the Company shall not be
affected by any notice to the contrary.

    

    7.           Disposition of Warrants or
Shares.  Each registered owner of this Warrant, by acceptance
hereof, agrees for itself and any subsequent owner(s) that, before any
disposition is made of any Warrants or Shares of Common Stock, the owner(s)
shall give written notice to the Company describing briefly the manner of any
such proposed disposition.  No such disposition shall be made unless
and until:

    

    (a)           the
Company has received written assurances from the proposed transferee confirming
a factual basis for relying on exemptions from registration under applicable
federal and state securities laws for such transfer or an opinion from counsel
for the Holder(s) of the Warrants or Shares stating that no registration under
the Securities Act or applicable state statute is required with respect to such
disposition; or

    

    (b)           a
registration statement under the Securities Act has been filed by the Company
and declared effective by the Commission covering such proposed disposition and
the disposition has been registered or qualified or is exempt therefrom under
the state having jurisdiction over such disposition.

     

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    8.           Restricted Securities:
Registration of Securities.  The Holder acknowledges that this
Warrant is, and that the Shares issuable on exercise hereof will be, “restricted
securities” as that term is defined in rule 144 promulgated under the Securities
Act.  Accordingly, this Warrant must be taken for investment and held
indefinitely and may not be exercised or converted unless subsequently
registered under the Securities Act and/or comparable state securities laws or
unless an exemption from such registration is available.  Likewise,
any Shares issued on exercise of this Warrant must be taken for investment and
held indefinitely and may not be resold unless such resale is registered under
the Securities Act and/or comparable state securities laws or unless an
exemption from such registration is available.  A legend to the
foregoing effect shall be placed conspicuously on the face of all certificates
for Shares issuable on exercise of this Warrant.

    

    9.           Governing
Law.  This Warrant shall be construed under and be governed by
the laws of the state of Nevada.

    

    10.         Notices.  Any
notice, demand, request, or other communication permitted or required under this
Warrant shall be in writing and shall be deemed to have been given as of the
date so delivered, if personally served; as of the date so sent, if transmitted
by facsimile and receipt is confirmed by the facsimile operator of the
recipient; as of the date so sent, if sent by electronic mail and receipt is
acknowledged by the recipient; and one day after the date so sent, if delivered
by overnight courier service; addressed as follows:

    

    
      	
              If
      to the Holder, to:

            	
              Mandarin
      Venture Capital Inc.

            
	 
      	
              1701
      Beverly Commercial Centre

            
	 
      	
              87
      – 105 Chatham Road

            
	 
      	
              TST

            
	 
      	
              Hong
      Kong

            
	 
      	 
      
	
              If
      to the Company, to:

            	
              Revonergy
      Inc.

            
	 
      	
              Attn:  Ravi
      Daswani

            
	 
      	
              Landmark
      House

            
	 
      	
              17
      Hanover Square

            
	 
      	
              London  HS1
      1SU, UK

            

    

    

    Each
party, by notice duly given in accordance herewith, may specify a different
address for the giving of any notice hereunder.

    

    11.         Loss, Theft, Destruction, or
Mutilation.  Upon receipt by the Company of reasonable evidence
of the ownership of and the loss, theft, destruction, or mutilation of this
Warrant, the Company will execute and deliver, in lieu thereof, a new Warrant of
like tenor.

    

    12.         Taxes.  The
Company will pay all taxes in respect of the issue of this Warrant or the Shares
issuable upon exercise thereof.

    

    DATED this 26th day of March,
2010.

    

    
      	 
      	 
      	
              REVONERGY
      INC.

            
	
              ATTEST:

            	 
      	 
      
	 
      	 
      	 
      	 
      
	
              By:

            	
              /s/
      Kenneth G.C. Telford

            	
              By:

            	
              /s/
      Ravi K. Daswani

            
	 
      	
              Kenneth
      G.C. Telford, Secretary

            	 
      	
              Ravi
      K. Daswani, President

            

    

    

    4

     

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Form
of Assignment

    (to
be signed only upon assignment of Warrant)

    

    

    

    

    TO:           REVONERGY
INC.

    

    

    

    

    ASSIGNMENT

    

    

    FOR VALUE RECEIVED, __________________
does hereby sell, assign, and transfer unto _____________________ the right to
purchase _____ Shares of Common Stock, par value $0.001 per share, of REVONERGY
INC., (the “Company”), and does
hereby irrevocably constitute and appoint ___________________ attorney to
transfer such right on the books of the Company with full power of substitution
in the premises.

    

    

    DATED this ___ day of ____________,
20__.

    

    

    

    Signature:                                                                

    

    

    

    

    

    *   *   *   *   *   *

    

    

    

    

    NOTICE:  The
signature to the form of assignment must correspond with the name as written
upon the face of the attached Warrant in every particular without alteration or
enlargement or any change whatsoever.

     

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    Form
of Purchase

    (to
be signed only upon exercise of Warrant)

    

    

    TO:           REVONERGY
INC.

    

    

    

    

    The undersigned, the owner of the
attached Warrant, hereby irrevocable elects to exercise the purchase rights
represented by the Warrant for, and to purchase thereunder, ________ shares of
Common Stock of REVONERGY INC.,  and herewith makes payment of $______
therefor.  Please issue the shares of Common Stock as to which this
Warrant is exercised in accordance with the instructions set forth below and, if
the Warrant is being exercised with respect to less than all of the Shares to
which it pertains, prepare and deliver a new Warrant of like tenor for the
balance of the Shares purchasable under the attached Warrant.

    

    DATED this ____ day of ____________,
20___.

    

    

    

    Signature:                                                                

    

    

    

    

    INSTRUCTIONS
FOR REGISTRATION OF STOCK

    

    

    Name:                                                                           

    (Please Type or Print)

    

    Address:                                                                           

    

    

    

    *   *   *   *   *   *

    

    NOTICE:  The
signature to the form of purchase must correspond with the name as written upon
the face of the attached Warrant in every particular without alteration or
enlargement or any change whatsoever.

     

    6Exhibit
10.1

 

VITESSE

 

Resignation & Separation
Agreement and General Release of Claims

 

This Resignation &
Separation Agreement and General Release of Claims (“Agreement”) confirms the understanding
and agreement with regard to the resignation and separation of employment of
Michael B. Green (“hereinafter “Executive” or
“His” or “Him”) with Vitesse Semiconductor Corporation (hereinafter “Company”)  effective
this February 5, 2010 (“the Separation Date”). The following
provisions set forth the terms of the Agreement in exchange for a release of claims, as outlined
below.

 

1.                                       Resignation and Separation of Employment.  
Executive hereby resigns as Vice President/General Counsel and Corporate
Secretary of the Company and all applicable subsidiaries and acknowledges that
his employment with the Company has terminated for all purposes on as of the
Separation Date.

 

2.                                       Acknowledgment of Payment of Wages. By His signature below, Executive
acknowledges receipt of payment of all amounts due from the Company for all salary,
wages, bonuses, and commissions earned through the Separation Date and all
amounts due from the Company for unused vacation time accrued by Him through
the close of business on the Separation Date, less all applicable taxes and
withholdings. Coverage under Executive’s existing health benefits plan will
continue through the end of the month of the Separation Date, and Executive
will thereafter receive any benefits to which Executive may be entitled under
COBRA provided Executive chooses to elect COBRA in writing. If Executive elects
COBRA, Executive will qualify under the American Recovery and Reinvestment Act
of 2009 for COBRA continuation coverage assistance for partial premiums for up
to fifteen months. Information on COBRA coverage will be provided under
separate cover. By signing below, Executive further acknowledges that Executive
has received all reimbursement due Executive for Executive’s outstanding
approved reimbursable expenses, or has submitted expenses for reimbursement, if
any. By signing below, Executive acknowledges that the Company does not owe
Executive any other amounts, payments or other benefits, excluding pending
reimbursable expenses. Executive is entitled to receive the payments and
benefits as described in this paragraph without regard to whether Executive
executes this Agreement.

 

3.                                       Separation Benefits. In addition to the above-described
benefits and in exchange for Executive executing this Agreement and
upon its effectiveness in accordance with Paragraph 15, the Company agrees to
provide Executive with the following:

 

(a)                                  Severance pay in the gross amount of one
hundred twenty two thousand, six hundred and ninety two dollars and no cents
($122,692.00) which equals six months and three weeks of pay at Executive’s
current base salary, less all applicable taxes and withholdings, and

 

(b)                                 As long as Executive and/or Executive’s
eligible dependents remain qualified for COBRA, the Company agrees to pay full
COBRA premiums for Executive and Executive’s eligible dependents for up to
twelve months for coverage under the same benefit option in which Executive and
Executive’s eligible dependents were enrolled as of the day before Executive’s
Separation Date. Executive agrees to immediately notify the Company’s COBRA
administrator, Conexis, and the Company in writing if Executive or any of
Executive’s eligible dependents become covered under another group health plan
prior to the end of the Company paid COBRA period and to provide Conexis and
the Company with a copy of the other group health plan(s) for the purpose
of determining whether the COBRA Continuation Coverage extended to Executive or
Executive’s eligible dependents may be terminated
in accordance with COBRA, and

 

(c)                                  An additional payment in the gross amount of fifteen thousand dollars
and no cents ($15,000.00), less
all applicable taxes and withholdings, and

 

(d)                                 The Company agrees that it will not contest
or oppose Executive’s application for unemployment
insurance compensation benefits.

 

741
Calle Plano, Camarillo, CA 93012 · 805.388.3700 · fax 805.388.7565 · www.vitesse.com

 

1

 

4.                                       Cooperation. Executive agrees to cooperate with and
assist the Company with respect to any pending or future litigation, disputed claims or other matters, including without limitation, by truthfully testifying,
as may be reasonably requested from time to time by the Company. If the Company
requests and additional expenditure of time by Executive any if the time involved is more than de minimus, Executive will be entitled to reasonable
compensation as agreed upon between the parties
taking into consideration the expected burdens of time and preparation
imposed upon Executive and any potential impact upon then pending
responsibilities of Executive. The Company shall reimburse Executive for any
expenses reasonably incurred and approved in advance by the Company which are
directly related to fulfilling Executive’s duties under this paragraph, except
as prohibited by law. Executive agrees to provide the Company with
substantiation of any reimbursable expenses within two calendar months after
the expense was incurred. The Company agrees that reimbursements under this provision shall be paid to
Executive within thirty (30) business days
after substantiation determined by the Company to be adequate has been provided
to the Company. The parties agree
that, consistent with the provisions of Section 409A of the Internal
Revenue Code of 1986, as amended, and the regulations and guidance promulgated
thereunder (“Section 409A”), the following reimbursement rules shall also apply: (a) In no event
shall adequately substantiated reimbursements be paid to Executive later than
the last day of the calendar year following the calendar year in which the expense was incurred; (b) the
amount of expenses eligible for reimbursement during a calendar year will not
affect the expenses eligible for reimbursement in any other calendar year; and (c) Executive’s
right to reimbursement for such expenses is not subject to liquidation or exchange for another benefit.

 

5.                                       Return of Company Property. Executive hereby represents and
warrants to the Company that Executive has returned to the Company all real or
intangible property or data of the Company of any type whatsoever that has been
in Executive’s possession or control.

 

6.                                       Waiver of Claims. The payments and promises set forth in this Agreement are in full satisfaction of all accrued salary, vacation pay,
bonus pay, profit-sharing, stock options, termination benefits or other
compensation to which Executive
may be entitled by virtue of Executive’s employment with the Company, including
Executive’s resignation and separation
from the Company. Executive
hereby releases and waives any other claims Executive may have against the
Company and its present and former
owners, agents, officers, shareholders, employees, directors, attorneys,
subscribers, subsidiaries, parent, affiliates,
successors and assigns (collectively “Companys”),
whether known or not known, including, without limitation, claims under
any employment laws, including, but not limited to, claims of unlawful
discharge, breach of contract, breach of the covenant of good faith and fair
dealing, fraud, violation of public policy, defamation, physical injury,
emotional distress, claims for additional compensation or benefits arising out
of Executive’s employment or Executive’s separation of employment, claims under
any laws and/or regulations relating to employment or employment
discrimination, including, without limitation, claims under Title VII of the
Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Age Discrimination
in Employment Act of 1967, the Americans with Disabilities Act of 1990, the Fair Labor Standards Act, the Employee Retirement Income Security Act
of 1974, The Worker Adjustment
and Retraining Notification Act, the Older Workers Benefit Protection Act, the
California Fair Employment and Housing Act,
California Labor Code section 201,
et seq. and section 970, et seq., the Family and Medical Leave Act,
the Sarbanes-Oxley Act, privacy
laws, and all other state and federal civil rights, discrimination, equal
opportunity and fair employment practices, laws or statutes, any and all rights
or claims for stock options and
restricted stock units, whether vested or unvested, and all rights or claims under any change in control
agreement or equity incentive plan, including without limitation the Amended
and Restated 2001 Stock Incentive Plan, all claims for violation of the
federal, state, constitution, or any municipal statute. However, this release does not waive Executive’s
rights to any claims for unemployment and workers’ compensation benefits or
vested benefits under any Company plans, including a 401K plan or any claim
which as a matter of law or public policy cannot be waived.  By signing below, Executive expressly waives
any benefits of Section 1542 of the Civil

 

2

 

Code of the State of California, (and any other federal, state, or
local law of similar effect), which provides as follows:

 

“A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF
KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.”

 

7.                                       Non-Disparagement. Executive agrees that Executive will
not disparage Company or its products, services, agents, representatives,
directors, officers, shareholders, attorneys, employees, vendors, affiliates,
successors or assigns, or any person acting by, through, under or in concert
with any of them, with any written or oral statement.

 

8.                                       Legal and Equitable Remedies. Executive agrees that Company has the
right to enforce this Agreement and any of its provisions by injunction,
specific performance or other equitable relief without prejudice to any other
rights or remedies Company may have at law or in equity for breach of this
Agreement.

 

9.                                       Attorneys’ Fees. If any action is brought to enforce the
terms of this Agreement, the prevailing party will be entitled to recover its
reasonable attorneys’ fees, costs and expenses from the other party, in
addition to any other relief to which the prevailing party may be entitled.

 

10.                                 Confidential Information. Executive acknowledges that Executive
has had access to and received information of a confidential nature through
Executive’s employment with the Company and Executive specifically agrees to
continue be bound by the terms of the Employment, Confidential Information, and
Invention Assignment Agreement which Executive signed and which is dated January 4,
2007.

 

11.                                 No Admission of Liability. This Agreement is not and shall not be
construed or contended by Executive to be an admission or evidence of any
wrongdoing or liability on the part of Company, its representatives, heirs,
executors, attorneys, agents, partners, officers, shareholders, directors,
employees, subsidiaries, affiliates, divisions, successors or assigns. This
Agreement shall be afforded the maximum protection allowable under California
Evidence Code Section 1152 and/or any other state or Federal provisions of
similar effect.

 

12.                                 Entire Agreement. This Agreement constitutes the entire
agreement between Executive and Company with respect to the subject matter
hereof and supersedes all prior negotiations and agreements, whether written or
oral, relating to such subject matter other than the agreements referred to in
Paragraphs 4 and 11, above. Executive acknowledges that neither Company nor its
agents or attorneys have made any promise, representation or warranty
whatsoever, either express or implied,
written or oral, which is not contained in this Agreement for the purpose of inducing Executive to
execute the Agreement, and Executive acknowledges that Executive has executed
this Agreement in reliance only upon such promises, representations and
warranties as are contained herein.

 

13.                                 Modification. It is expressly agreed that this
Agreement may not be altered, amended, modified, or otherwise changed in any
respect except by another written agreement that specifically refers to this
Agreement, executed by authorized representatives of each of the parties to
this Agreement.

 

14.                                 Savings Clause. Should any of the provisions of this
Agreement be determined to be invalid by a court or governmental agency of competent
jurisdiction, it is agreed that such determination shall not affect the enforceability of the other provisions
herein.

 

3

 

15.                                 Review of Agreement. Executive acknowledges that: before
signing this Agreement, Executive was given a period of twenty-one (21) days
from the Separation Date in which to review and consider it; Executive has, in
fact, carefully reviewed this Agreement; and that Executive is entering into it
voluntarily and of Executive’s own free will. Further, Executive acknowledges
that the Company encouraged Executive in writing to show and discuss this
Agreement with Executive’s own attorney. Executive understands that Executive
may take up to twenty-one (21) days from the Separation Date to consider this
Agreement and, by signing below, affirms that Executive was advised to consult
with an attorney prior to signing this Agreement.
Executive also understands Executive may revoke this Agreement within seven (7) days
of signing this document by doing so in writing
addressed to Ronda Grech, Vice President of Communications &
Human Resources, 741 Calle Plano Camarillo, CA 93012, and that the additional
benefits pursuant to Paragraph 3 will be provided only at the end of that seven
(7) day revocation period provided Executive has not revoked this
Agreement.

 

16.                                 Arbitration. Executive and the Company together (“Parties”),
agree that any and all disputes arising out of the terms of this Agreement,
their interpretation, and any of the matters herein released or herein
described, including, but not limited to, any potential claims of harassment,
discrimination or wrongful termination shall be subject to binding arbitration,
to the extent permitted by law, in the County of Los Angeles before the American
Arbitration Association under its National Rules for the Resolution of
Employment Disputes. The Parties agree to and hereby waive their right to jury
trial as to matters arising out of the terms of this Agreement and any matters
herein released to the extent permitted by law. The Parties agree that the
prevailing party in any arbitration shall be entitled to its attorneys’ fees
and costs to the extent permissible by law.

 

17.                                 Binding Agreement. This Agreement is binding upon, and
shall inure to the benefit of, the parties and their respective heirs,
executors, administrators, successors and assigns

 

18.                                 Governing Law. This Agreement shall be construed,
interpreted, enforced and governed under the laws of California, without regard
to its principles of conflict of laws. The courts of the State of California
shall have exclusive jurisdiction over any action, claim or proceeding arising
out of or relating to this Agreement or the subject matter hereof. The parties
hereto specifically consent to the in personam jurisdiction and venue of the
courts of the State of California in any action or proceeding to enforce the
terms of this Agreement.

 

VITESSE SEMICONDUCTOR
CORPORATION

 

 

	
   

  	
  /s/ Christopher R.
  Gardner

  	
   

  
	
  By: 

  	
  Christopher R. Gardner

  	
   

  
	
   

  	
  President/CEO

  	
   

  

 

 

READ THIS AGREEMENT AND
CAREFULLY CONSIDER ALL OF ITS PROVISIONS BEFORE SIGNING IT; IT HAS IMPORTANT
LEGAL CONSEQUENCES AND INCLUDES A RELEASE AND WAIVER OF AGE DISCRIMINATION
CLAIMS AND OTHER KNOWN AND UNKNOWN CLAIMS.

 

I acknowledge that I have
read this Agreement and that I understand and voluntarily accept its terms.

 

 

	
  /s/ MICHAEL B. GREEN

  	
   

  	
  2/5/2010

  
	
  MICHAEL B. GREEN
  (Signature)

  	
   

  	
  Date

  

 

4

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