SEC Contract Filing

Filing Date: 2023-06-02

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2317578d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GSI TECHNOLOGY,&nbsp;INC.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2024 VARIABLE COMPENSATION PLAN</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Effective as of April&nbsp;1, 2023)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Introduction. The Company hereby adopts
the Plan, effective as of April&nbsp;1, 2023. The purpose of the Plan is to encourage performance and achieve retention of a select group
of executive employees of GSI Technology,&nbsp;Inc. This document constitutes the written instrument under which the Plan is maintained.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Definitions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Cause&rdquo; means (i)&nbsp;conviction of
a felony or a crime of moral turpitude; (ii)&nbsp;misconduct that results in harm to the Company; (iii)&nbsp;material failure to perform
assigned duties; or (iv)&nbsp;willful disregard of lawful instructions from the chief executive officer of the Company or the Board of
Directors relating to the business of the Company or any of its affiliates.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Code&rdquo; means the Internal Revenue Code
of 1986, as amended, and the regulations issued with respect thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Committee&rdquo; means the Compensation
Committee of the Company&rsquo;s Board of Directors.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Company&rdquo; means GSI Technology,&nbsp;Inc.,
a Delaware corporation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Disability&rdquo; means that a Participant
(i)&nbsp; is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii)&nbsp;
is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected
to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months
under an accident and health plan covering employees of the Participant&rsquo;s employer.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Eligible Employee&rdquo; means each employee
who is eligible for the Plan as designated by the Committee as set forth in approved minutes.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Normal Retirement Age&rdquo; means age sixty
(60).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Participant&rdquo; means each Eligible Employee
who is designated from time to time by the Committee in writing.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Plan&rdquo; means the GSI Technology,&nbsp;Inc.
2024 Variable Compensation Plan, as set forth in this document and as hereafter amended.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Retirement&rdquo; means the termination
of employment after Normal Retirement Age.</P>

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