SEC Contract Filing

Filing Date: 2021-06-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.17
<SEQUENCE>2
<FILENAME>mrvl-512021exhibit1017.htm
<DESCRIPTION>EXHIBIT-10.17
<TEXT>
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<title>Document</title></head><body><div id="i2b3cd6dd8937498e9aa84a4253a94dbc_1"></div><div style="min-height:117pt;width:100%"><div><img alt="image_1a.jpg" src="image_1a.jpg" style="height:154px;margin-bottom:5pt;vertical-align:text-bottom;width:814px"></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit 10.17</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">April 20, 2021</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Loi Nguyen</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#91;address removed&#93;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Dear Loi,</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">It is our pleasure to offer you the position of Executive Vice President, Optical and Copper Connectivity with Marvell Semiconductor, Inc. (&#34;the Company&#34;), a subsidiary of Marvell Technology, Inc. (&#8220;Marvell&#8221;), at a salary of $480,000.00 USD per year.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Your supervisor will be Matt Murphy. Your work location will be Westlake Village, California.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">Cash Incentive Compensation</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">You will be eligible to participate in the Company&#8217;s executive Annual Incentive Program (AIP) with a target bonus of 90% of your current base salary. The amount of your actual AIP bonus payment will be determined by the Company at its sole discretion based on a number of factors including but not limited to company and individual performance. To ensure alignment between you and the other members of the Marvell executive team, you will be paid your Marvell FY2022 AIP bonus as if you had been an employee of Marvell for the entire year&#59; and the amount of any prorated partial bonus for the current year paid to you, if any, for the period January 2021-April 2021 will be treated as a pre-payment and will be deducted from your final FY2022 AIP. You must be an active Company employee at the time of the bonus payout to be eligible for payment. It is clarified that the Company retains the right to modify, amend or terminate its plans and policies, including the AIP, from time to time, at its sole discretion. Any such modification or amendment will be communicated to you. It is also clarified that any payment of bonus or other compensation in one financial year, under any of the Company&#8217;s plans and&#47;or policies does not create a right to claim such compensation or bonus from the Company in the future. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">Equity Awards</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">You will be recommended to the Executive Compensation Committee (&#8220;ECC&#8221;) for the following grants&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:32.15pt">Time Based RSU Buy Award</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">. A restricted stock unit award of common shares of Marvell equal to $900,000 (the &#8220;RSU&#8221;) divided by the Share Price, subject to applicable securities law restrictions. The RSU shall vest over three (3) years at the rate of 1&#47;12 on the first quarterly anniversary of the vesting start date and 1&#47;12</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> per quarter thereafter&#59; provided that you continue to serve as an employee through each applicable vesting date.</font></div><div><font><br></font></div><div style="height:67.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:117pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:32.15pt">Performance Based RSU Award based on Total Shareholder Return. </font><font style="color:#000000;font-family:'Arial',sans-serif;fon