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MRVL » Topics » Company Performance and its Effect on Executive Compensation

This excerpt taken from the MRVL DEF 14A filed May 29, 2009.

Company Performance and its Effect on Executive Compensation

As with many companies in the semiconductor industry, the second half of fiscal 2009 was a challenging time for us. In response to the deteriorating global economic environment we implemented cost reduction measures to lower our overall costs and expenses. The declining economic environment and its expected effect on our performance was taken into account by the executive compensation committee in its fiscal 2009 executive compensation decisions as is more fully described below in the section “Named Executive Officer Compensation Decisions.” As a result of the changing global economic environment, we did not pay any bonuses for fiscal 2009 to any of our named executive officers, other than in connection with the hiring of a new Chief Financial Officer in June 2008.

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