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MRVL » Topics » Payments Upon Change in Control

This excerpt taken from the MRVL DEF 14A filed Sep 14, 2007.

Payments Upon Change in Control

The 2007 Director Plan provides for the acceleration of payment of awards and related common shares in the event of certain acquisition events or other change in control of the company, as defined in the 2007 Director Plan. For certain officers of the company, acceleration of payment may cause part or all of the consideration involved to be treated as a “parachute payment” under the Internal Revenue Code of 1986, which may subject the recipient to a 20% excise tax and which may not be deductible by the company for federal income tax purposes.

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