MARVELL TECHNOLOGY GROUP LTD. AMENDED AND RESTATED 1995 STOCK OPTION PLAN NOTICE OF STOCK UNIT AWARD
Exhibit 10.34
MARVELL TECHNOLOGY GROUP LTD.
AMENDED AND RESTATED
1995 STOCK OPTION PLAN
NOTICE OF STOCK UNIT AWARD
You have been granted Stock Units representing shares of Common Stock of Marvell Technology Group Ltd. (the Company) on the following terms and pursuant to such other terms and conditions as are set forth in the Stock Unit Agreement and the Amended and Restated 1995 Stock Option Plan (the Plan), both of which are attached to and made a part of this document. Certain capitalized terms used in this Notice of Stock Unit Award are defined in the Plan.
Name of Participant: |
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Total Number of Stock Units Granted: |
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Date of Grant: |
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Vesting Start Date: |
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Vesting Schedule: |
| [20]% of the Stock Units subject to this award vest after the first anniversary of the Vesting Start Date and the remaining [80]% of the Stock Units subject to this award vest in equal quarterly installments following the first anniversary of the Vesting Start Date, subject to your Continuous Service. |
By signing this document, you acknowledge receipt of a copy of the Plan, and agree that (a) these Stock Units are granted under and governed by the terms and conditions of the Plan and the Stock Unit Agreement; (b) you have carefully read, fully understand and agree to all of the terms and conditions described in the attached Stock Unit Agreement and the Plan; (c) you understand and agree that the Stock Unit Agreement, including its cover sheet and attachments, constitutes the entire understanding between you and the Company regarding this Award, and that any prior agreements, commitments or negotiations concerning this Award are replaced and superseded; and (d) you have been given an opportunity to consult legal counsel with respect to all matters relating to this Award prior to signing this cover sheet and that you have either consulted such counsel or voluntarily declined to consult such counsel. The Stock Unit Agreement and prospectus are available on the Companys website at https://intranet/stockselfservice or by request from the Companys Stock Administration Department. You hereby agree that these documents are deemed to be delivered to you.
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MARVELL TECHNOLOGY GROUP LTD.
AMENDED AND RESTATED
1995 STOCK OPTION PLAN
STOCK UNIT AGREEMENT
Payment for Stock Units |
| No payment is required for the Stock Units you receive. |
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Vesting |
| Subject to the terms and conditions of the Plan and this Stock Unit Agreement (the Agreement), your Stock Units vest in accordance with the schedule set forth in the Notice of Stock Unit Award. |
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Forfeiture |
| When your common-law employment with the Company or a Subsidiary terminates for any reason, vesting of your Stock Units subject to such Award immediately stops and such Award expires immediately as to the number of Stock Units that are not vested as of the date such Continuous Service terminates. |
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| This means that the unvested Stock Units will immediately be cancelled. You receive no payment for Stock Units that are forfeited. |
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| The Company determines when your Continuous Service terminates for this purpose and all purposes under the Plan. |
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| If you go on a leave of absence for any reason, then unless otherwise adjusted in accordance with the Companys leave of absence policy or the terms of your leave, the vesting schedule specified in the Notice of Stock Unit Award will be adjusted to suspend vesting after the first 90 days of leave unless you return to work on or before the 91st day following commencement of the leave. |
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Nature of Stock Units |
| Your Stock Units are mere bookkeeping entries. They represent only the Companys unfunded and unsecured promise to issue shares of Common Stock (or distribute cash) on a future date. As a holder of Stock Units, you have no rights other than the rights of a general creditor of the Company. |
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No Voting Rights or Dividends |
| Your Stock Units carry neither voting rights nor rights to dividends. You, or your estate or heirs, have no rights as a stockholder of the Company unless and until your Stock Units are settled by issuing shares of the Companys Common Stock. No adjustments will be made for dividends or other rights if the applicable record date occurs before your stock certificate is issued, except as described in |
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Stock Units Nontransferable |
| You may not sell, transfer, assign, pledge or otherwise dispose of any Stock Units. For instance, you may not use your Stock Units as security for a loan. |
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Settlement of Stock Units |
| Each of your Stock Units will be settled when it vests. |
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| At the time of settlement, you will receive one share of the Companys Common Stock for each vested Stock Unit; provided, however, that no fractional Share will be issued or delivered pursuant to the Plan or this Agreement, and the Administrator will determine whether cash will be paid in lieu of any fractional Share or whether such fractional Share and any rights thereto will be canceled, terminated or otherwise eliminated. |
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Withholding Taxes and Stock Withholding |
| Notwithstanding any contrary provision of this Agreement, no certificate representing the Shares will be issued to you unless and until satisfactory arrangements (as determined by the Company) will have been made by you with respect to the payment of income, employment and other taxes which the Company determines must be withheld with respect to such Shares so issuable (the Withholding Taxes). |
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| In its discretion, the Company may withhold otherwise deliverable Shares upon vesting of Stock Units, according to the vesting schedule, having a Fair Market Value equal to the minimum amount required to be withheld for the payment of the Withholding Taxes pursuant to such procedures as the Company may specify from time to time. The Company will not retain fractional Shares to satisfy any portion of the Withholding Taxes. If the Company determines that the withholding of whole Shares results in an over-withholding to meet the minimum tax withholding requirements, a reimbursement will be made to you as soon as administratively possible. |
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| The Company may also provide for the payment of Withholding Taxes, in whole or in part, by one of the additional following alternatives: |
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| (a) you provide irrevocable instructions to a Company-designated broker to deliver cash to the Company (or your employer) from your previously established account with such broker equal to the Withholding Taxes; or |
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| (b) you provide irrevocable instructions to a Company-designated broker to sell a sufficient number of Shares otherwise deliverable to you having a Fair Market Value equal to the Withholding Taxes, provided that such sale does not violate Company policy or |
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| applicable laws. | |
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| If you fail to make satisfactory arrangements for the payment of the Withholding Taxes hereunder at the time any applicable Stock Units otherwise are scheduled to vest pursuant to the vesting schedule, you will permanently forfeit such Stock Units and any Shares otherwise deliverable with respect thereto, and the Stock Units will be returned to the Company at no cost to the Company. |
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Restrictions on Resale |
| By signing this Agreement, you agree not to sell any shares of the Companys Common Stock issued upon settlement of the Stock Units at a time when applicable laws or Company policies prohibit a sale. This restriction will apply as long as you are an employee, consultant or director of the Company or a subsidiary of the Company. |
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Adjustments |
| In the event of a stock split, a stock dividend or a similar change in Company stock, the number of Stock Units covered by this Award may be adjusted pursuant to the Plan. |
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Beneficiary Designation |
| You may dispose of your Stock Units in a written beneficiary designation. A beneficiary designation must be filed with the Company on the proper form. It will be recognized only if it has been received at the Companys headquarters before your death. If you file no beneficiary designation or if none of your designated beneficiaries survives you, then your estate will receive any vested Stock Units that you hold at the time of your death. |
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Entire Agreement; Governing Law |
| The Plan is incorporated herein by reference. The Plan, the Notice of Stock Unit Award and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements and all contemporaneous oral undertakings and agreements of the Company and you with respect to the subject matter hereof, including but not limited to the grant or promise of any right or option to purchase shares of capital stock of the Company to you pursuant to any employment agreement or offer letter delivered by the Company to you or otherwise, and may not be modified to materially and adversely affect your interest except by means of a writing signed by the Company and you. This Agreement is governed by California law except for that body of law pertaining to its conflict of laws. |
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Acknowledgments |
| YOU ACKNOWLEDGE AND AGREE THAT THE VESTING OF THE STOCK UNITS SUBJECT TO THIS AWARD IS EARNED ONLY BY CONTINUING CONSULTANCY OR EMPLOYMENT AT THE WILL OF THE COMPANY (NOT THROUGH ANY |
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| OTHER MEANS, INCLUDING WITHOUT LIMITATION, THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER). YOU FURTHER ACKNOWLEDGE AND AGREE THAT NOTHING IN THIS AGREEMENT, NOR IN THE PLAN WHICH IS INCORPORATED HEREIN BY REFERENCE, SHALL CONFER UPON YOU ANY RIGHT WITH RESPECT TO CONTINUATION OF EMPLOYMENT OR CONSULTANCY BY THE COMPANY, NOR SHALL IT INTERFERE IN ANY WAY WITH YOUR RIGHT OR THE COMPANYS RIGHT TO TERMINATE YOUR EMPLOYMENT OR CONSULTANCY AT ANY TIME, WITH OR WITHOUT CAUSE. | |
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| You hereby authorize and direct your employer to disclose to the Company or any subsidiary any information regarding your employment, the nature and amount of the your compensation and the fact and conditions of your participation in the Plan, as your employer deems necessary or appropriate to facilitate the administration of the Plan. |
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| You consent to the collection, use and transfer of personal data as described in this paragraph. You understand and acknowledge that the Company, your employer and the Companys other subsidiaries hold certain personal information regarding you for the purpose of managing and administering the Plan, including (without limitation) your name, home address, telephone number, date of birth, social insurance number, salary, nationality, job title, any shares or directorships held in the Company and details of all options or any other entitlements to shares awarded, canceled, exercised, vested, unvested or outstanding in the your favor (the Data). You further understand and acknowledge that the Company and/or its subsidiaries will transfer Data among themselves as necessary for the purpose of implementation, administration and management of your participation in the Plan and that the Company and/or any subsidiary may each further transfer Data to any third party assisting the Company in the implementation, administration and management of the Plan. You understand and acknowledge that the recipients of Data may be located in the United States or elsewhere. You authorize such recipients to receive, possess, use, retain and transfer Data, in electronic or other form, for the purpose of administering your participation in the Plan, including a transfer to any broker or other third party with whom you deposit shares acquired under the Plan of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on your behalf. You may, at any time, view the Data, require any necessary modifications of Data or withdraw the consents set forth in this paragraph by contacting the Human Resources Department of |
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| the Company in writing. | |
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| You acknowledge receipt of a copy of the Plan and represent that you are familiar with the terms and provisions thereof, and hereby accept this award subject to all of the terms and provisions thereof. You have reviewed the Plan, this Agreement and the Notice of Stock Unit Award in their entirety, have had an opportunity to obtain the advice of counsel prior to executing this award and fully understand all provisions of such documents. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, the Notice of Stock Unit Award or this Stock Unit Agreement. Notwithstanding the foregoing, if any party brings any action, suit, counterclaim, cross-claim, appeal, arbitration, or mediation for any relief against the other to enforce the terms of or to declare rights under this Plan or the Stock Unit Agreement, in addition to any damages and costs which the prevailing party otherwise would be entitled, the non-prevailing party shall pay to the prevailing party a reasonable sum for attorneys fees and costs incurred in bringing and prosecuting or defending such action or enforcing any judgment, order, ruling, or award. You agree to timely notify the Company upon any change in the residence address indicated below, and acknowledge that the Company may at its discretion deliver share certificates representing Shares issued pursuant to the settlement of this award to such address. You agree to provide the Company within 7 days of the execution of this Agreement the Consent of Spouse attached hereto if applicable, or within 7 days of any event that would cause such consent to be applicable. You acknowledge that the Company will rely on such agreement. |
BY SIGNING THE COVER SHEET OF THIS AGREEMENT,
YOU AGREE TO ALL OF THE TERMS AND CONDITIONS
DESCRIBED ABOVE AND IN THE PLAN.
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CONSENT OF SPOUSE
The undersigned spouse of the award recipient has read and hereby approves the terms and conditions of the Plan, the Notice of Stock Unit Award and this Agreement. In consideration of the Companys granting his or her spouse the right to receive Shares as set forth in the Plan and this Agreement, the undersigned hereby agrees to be irrevocably bound by the terms and conditions of the Plan and this Agreement and further agrees that any community property interest shall be similarly bound. The undersigned hereby appoints the undersigneds spouse as attorney-in-fact for the undersigned with respect to any amendment or exercise of rights under the Plan or this Agreement.
Dated: |
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| Spouse of award recipient | ||
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