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MRVL » Topics » Approval of Interim Chief Financial Officer Option Amendment

This excerpt taken from the MRVL 8-K filed Jan 2, 2008.

Approval of Interim Chief Financial Officer Option Amendment

 

Because Mr. Rashkin was not permitted to participate in the Company’s broad-based program to allow individuals who held certain stock options subject to adverse tax consequences under Internal Revenue Code Section 409A and parallel California laws (“Section 409A”) the Committee discussed alternatives available to allow Mr. Rashkin to avoid these adverse tax consequences.  The Committee authorized the Company to offer Mr. Raskin the opportunity to increase his stock option exercise prices to the prices necessary to avoid the adverse tax consequences under Section 409A.  In exchange for his accepting this offer, the Committee authorized the grant to Mr. Rashkin of restricted stock units for an aggregate of 8,936 common shares.  The restricted stock units will be granted on January 4, 2008 as to 5,667 shares and January 15, 2008 as to 3,269 shares.  The form of Amendment of Stock Option entered into between the Company and Mr. Rashkin is attached hereto as Exhibit 10.2.

 

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