This excerpt taken from the MRVL DEF 14A filed Sep 14, 2007.
Terms and Conditions of Options
The Administrator may add or change automatic Awards to include additional or different Awards of Options in such amounts as the Administrator, in its sole discretion, may determine. All Options awarded under the 2007 Director Plan (including those granted pursuant to the Initial Option Award and the Annual Option Award), will have a per share exercise price equal to one hundred percent (100%) of the fair market value per share of the companys common shares on the date of grant. As of September 6, 2007, the fair market value of one of our common shares was $16.41. An Option granted under the 2007 Director Plan will expire upon the date determined by the Administrator; provided, however, that the term of an Option may not exceed 10 years.
After a termination of service with the company, other than a termination due to the participants death or disability, the participant may exercise the vested portion of his or her Option for a period of six months following such termination. In no event may an Option be exercised later than the expiration of its term.