6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

July 16, 2008
Commission File Number: 333-137664

Avago Technologies Finance Pte. Ltd.

(Translation of registrant’s name into English)

Republic of Singapore
(Jurisdiction of incorporation or organization)

1 Yishun Avenue 7
Singapore 768923
(65) 6755-7888
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
þ Form 20-F     o Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether the registrant by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
o Yes      þ No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.

TABLE OF CONTENTS

EXHIBIT 10.1

EXHIBIT 99.1

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(c, e) On July 16, 2008, Avago Technologies Limited (“Avago”) announced the appointment of Mr. Douglas R. Bettinger, age 41, as the Senior Vice President and Chief Financial Officer of Avago and affiliated companies effective August 4, 2008.

Mr. Bettinger most recently served as Vice President of Finance and Corporate Controller at Xilinx, Inc. Prior to that, he was Chief Financial Officer at 24/7 Customer, a privately held company, where he established and managed worldwide financial and operations functions. Mr. Bettinger also spent 12 years at Intel Corporation, where he served in several senior-level finance and manufacturing operations positions, including Corporate Planning and Reporting Controller, and was instrumental in implementing Sarbanes-Oxley regulations and managed external reporting duties. He also served as Malaysia Site Operations Controller, overseeing the financial reporting for Intel’s largest assembly and test facility.

In connection with the appointment of Mr. Bettinger as the Senior Vice President and Chief Financial Officer, Avago entered into an offer letter agreement with him on July 4, 2008. Mr. Bettinger’s offer letter entitles him to a base salary of $350,000 per year and a target bonus opportunity of 75% of his base salary. Mr. Bettinger’s offer letter also provides for the grant of an option to purchase 300,000 ordinary shares of Avago with 150,000 of the shares subject to the option vesting at a rate of 20% per year based upon Mr. Bettinger’s continued employment and 150,000 of the shares subject to the option vesting at a rate of 20% per year based upon Avago attaining specified performance targets and Mr. Bettinger’s continued employment. The offer letter also provides that Mr. Bettinger will be eligible for a $100,000 bonus, for which Avago will pay all income and employment taxes, provided that he invests at least $175,000 in the ordinary shares of Avago prior to October 4, 2008. Mr. Bettinger’s offer letter agreement provides that he will be eligible to participate in all employee benefit plans made available to executive officers, is entitled to enter into an indemnification agreement and must enter into the standard agreement regarding confidential information and proprietary developments.

Mr. Bettinger’s offer letter provides him with severance in the event of the termination of his employment without cause or a resignation by him for good reason, provided that, in each case, Mr. Bettinger executes and does not revoke a general release of all claims against Avago and its affiliates within 60 days of any such termination. If the termination of employment without cause or resignation for good reason takes place within 12 months following a change in control, Avago must provide Mr. Bettinger with (a) 12 months of continued salary payments commencing on the sixtieth day following his separation from Avago, (b) an amount equal to 100% of the lesser of Mr. Bettinger’s prior year’s bonus or target bonus payable in 12 monthly installments commencing on the sixtieth day following his separation from Avago, (c) 12 months accelerated vesting for those options held by Mr. Bettinger which would otherwise vest based upon the passage of time and his continued employment, and (d) the payment of continued health, dental and vision insurance premiums for Mr. Bettinger and any covered dependents for 12 months, or, if earlier, until Mr. Bettinger is covered under similar plans of a new

employer. If Mr. Bettinger’s termination of employment without cause or resignation for good reason takes place prior to or more than 12 months following a change in control, Mr. Bettinger is entitled to (a) 9 months of continued salary payments commencing on the sixtieth day following his separation from Avago, (b) an amount equal to the lesser of 50% of his prior year’s bonus or target bonus payable in nine monthly installments commencing on the sixtieth day following his separation from Avago, and (c) the payment of continued health, dental and vision insurance premiums for Mr. Bettinger and any covered dependents for six months, or, if earlier, until Mr. Bettinger is covered under similar plans of a new employer.

The description of the offer letter agreement with Mr. Bettinger is qualified in its entirety by reference to the copy of the offer letter agreement filed as Exhibit 10.1 hereof and incorporated herein by reference.

A copy of the registrant’s Press Release dated July 16, 2008 announcing the appointment of Mr. Bettinger is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
10.1	Offer Letter Agreement, dated as of July 4, 2008, between Avago Technologies Limited and Douglas Bettinger
99.1	Press Release dated July 16, 2008

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date:   July 16, 2008

Avago Technologies Finance Pte. Ltd.
By:	/s/ Patricia McCall
Name:	Patricia McCall
Title:	Vice President, General Counsel

INDEX TO EXHIBITS FILED WITH
THE REPORT ON FORM 6-K DATED JULY 16, 2008

Exhibit No.	Description
10.1	Offer Letter Agreement, dated as of July 4, 2008, between Avago Technologies Limited and Douglas Bettinger
99.1	Press Release dated July 16, 2008

EX-10.1

Exhibit 10.1

June 25, 2008

Doug Bettinger
6723 Mount Leneve Drive
San Jose, CA 95120

Re: Employment Offer

Dear Doug,

     Following recent discussion, Avago Technologies Limited (the “Company”) is pleased to offer you the position of Senior Vice President and Chief Financial Officer. This letter (the “Agreement”) sets forth, among other things, the terms of your employment with the Company. For the purposes of this Agreement, employment with the Company shall be deemed to include employment with the Company’s United States subsidiaries.

Duties:

Your employment will commence hereunder effective as of August 1, 2008, subject to your current employment contractual agreement and / or restrictions, or such other date as mutually agreed upon. You will be employed as the Chief Financial Officer, and will perform the duties customarily associated with such position. You will report to the Chief Executive Officer, be located at the Company’s headquarters in San Jose, California, and will perform your services on a full-time basis. You shall devote your full working time and attention to the business affairs of the Company.

Base Salary/Bonus:

You will receive an annual base salary of $350,000 for all hours worked to be paid in accordance with the Company’s customary payroll procedures, less payroll deductions and withholdings. You will be eligible to receive a cash bonus each year based upon your and/or the Company’s attainment of certain performance objectives as determined by the Compensation Committee of the Company’s Board of Directors (the “Board”). The target level for attaining 100% of your objectives will be 75% of your base salary. Based upon actual performance versus such performance objectives, your cash bonus payouts may exceed your target amount. You must be employed on the date of payment to receive your bonus.

Options:

You will be eligible to participate in the Amended and Restated Equity Incentive Plan for Executive Employees of Avago Technologies Limited and Subsidiaries or any successor equity plan and, subject to Board or Compensation Committee approval, will be granted an initial non-qualified option to purchase 300,000 ordinary shares of the Company. Your

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initial option will vest in annual installments over a five year period, 50% based on time and 50% based on the performance of the Company, in each case, assuming your continued employment over five years. In addition, subject to Board or Compensation Committee approval, you will be required to invest between $75,000 and $100,000 in the ordinary shares of the Company within two (2) months of the commencement of your employment with the Company. At the time of your investment, the Company will pay you a bonus of $100,000, to be tax protected, which amount you agree immediately to also invest in the ordinary shares of the Company. Nothing herein shall be deemed a guarantee of employment or to detract from the at-will nature of your employment with the Company.

Benefits:

You will be eligible to participate in all of the employee benefit plans or programs the company generally makes available to its executive employees, pursuant to the terms and conditions of such plans. You will be entitled to 16 days of paid flexible time off.

Expenses:

You shall be entitled to reimbursement for all ordinary and reasonable out-of-pocket business expenses which are reasonably incurred by you in furtherance of the Company’s business and in accordance with the Company’s standard policies. Any such reimbursement will be paid as soon as administratively practicable following your submission of supporting documentation and, in any event, prior to the end of the calendar year following the year in which the expense was incurred.

Indemnification:

You shall be entitled to enter into an indemnification agreement with the Company containing customary terms no less favorable than the terms of any such indemnification agreement between the Company and any other officer. You shall be entitled to be covered under the Company’s directors’ and officers’ insurance policy consistent with the coverage of other officers generally.

Company Policies and Confidentiality Agreements:

As an employee of the Company, you will be expected to abide by all of the Company’s policies and procedures. As a condition of your employment, you agree to abide by the terms of the Company’s form of Agreement Regarding Confidential Information and Proprietary Developments.

Other Agreements:

As a condition to your employment with the Company, you agree that your performance of your duties for the Company will not violate any agreements, obligations or understandings that you may have with any third party or prior employer. You agree not to make any unauthorized disclosure or use, on behalf of the Company, of any confidential information belonging to any of your former employers. You also represent that you are not in unauthorized possession of materials containing a third party’s confidential and proprietary information.

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Outside Activities:

While employed by the Company, you will not engage in any business activity in competition with the Company nor make preparations to do so. With prior approval of the Board you may serve as a member of the board of directors of other companies not in competition with the Company; provided such service does not interfere with the performance of your duties hereunder.

At-will Employment:

As an employee of the Company, you may terminate your employment at any time and for any reason whatsoever simply by notifying the Company. Similarly, the Company may terminate your employment at any time and for any reason whatsoever, with or without cause or advanced notice. Your at-will employment relationship with the Company cannot be changed except in writing signed by an authorized representative of the Board.

Severance Benefits:

Termination by The Company Without Cause or for Good Reason, Death or Disability. If you experience a Separation from Service (as defined below) initiated by the Company without Cause (as defined below), by you for Good Reason (as defined below) or because of your death or permanent disability, as determined by the Company, and if, within sixty (60) days of such Separation from Service, you (or your estate’s executor) sign, and fail to revoke during any applicable revocation period, a general release of all clams against the Company and its affiliates in a form acceptable to the Company (a “Release”), the Company shall provide you with continuation of your base salary for a period of nine (9) months commencing on the sixtieth (60^th) day following your Separation from Service at the rate in effect immediately prior to your Separation from Service, less applicable withholdings and payment of an amount equal to the lesser of fifty percent (50%) of (a) your prior year’s bonus and (b) your prior year’s target bonus, both payable in nine (9) substantially equal installments commencing on the sixtieth (60^th) day following your Separation from Service pursuant to the Company’s normal and customary payroll procedures; provided, however, that for your first year of employment, your prior year’s bonus and your prior year’s target bonus shall both be deemed to be your first year’s target bonus. The Company or one of its subsidiaries shall also pay the group health, dental and vision plan continuation coverage premiums for you and, if relevant, your covered dependents’ COBRA for the lesser of (i) six (6) months from the date of your Separation from Service, or (ii) the date upon which you are covered by similar plans of a new employer.

Change in Control Benefits:

If you experience a Separation from Service (as defined below) initiated by the Company without Cause (as defined below), by you for Good Reason (as defined below) or because of your death or permanent disability, as determined by the Company, in each case within the twelve (12) month period commencing on a Change in Control (as defined below), and if, within sixty (60) days of your Separation from Service, you sign and fail to revoke during any applicable revocation period a Release, then in lieu of the severance benefits described in the preceding paragraph, the Company shall proved you (or your estate) with

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continuation of your base salary for a period of twelve (12) months commencing on the sixtieth (60^th) day following your Separation from Service at the rate in effect immediately prior to your Separation from Service, less applicable withholdings, and payment of an amount equal to 100% of the lesser of (a) your prior year’s bonus and (b) your prior year’s target bonus, both payable in twelve (12) substantially equal installments commencing on the sixtieth (60^th) day following your Separation from Service pursuant to the Company’s normal and customary payroll procedures; provided, however, that for your first year of employment, your prior year’s bonus and your prior year’s target bonus shall both be deemed to be your first year’s target bonus. The Company or one of its subsidiaries shall also pay the group health, dental and vision plan continuation coverage premiums for you and, if relevant, your covered dependents’ COBRA for the lesser if (i) twelve (12) months from the date of your Separation from Service, or (ii) the date upon which you are covered by similar plans of a new employer. Finally, your then outstanding options shall immediately accelerate and become vested and exercisable for that number of shares subject thereto with respect to which such options would have become vested and exercisable over the succeeding twelve (12) month period based solely on the passage of time and your performance of services (i.e., you will receive twelve (12) month accelerated vesting on your time vesting options). The Company shall provide you with a Release within 10 business days of your Separation from Service.

Gross-up Payment:

Prior to the Company becoming listed on an established stock exchange or national market system, Kohlberg Kravis & Roberts Co., L.P. and Silver Lake Partners, LLC (the “Sponsors”) shall use commercially reasonable efforts to obtain shareholder approval for any payments that would otherwise result in an excise tax liability under Section 4999 of the Code following your timely, written request therefore. In the event the Company becomes listed on any established stock exchange or a national market system, the Board shall negotiate in good faith with you regarding whether to amend this Agreement to provide for a payment to offset any excise taxes imposed by Section 4999 of the Code.

Termination By The Company With Cause or Termination By You:

If your employment by the Company is terminated by the Company with Cause, or if you voluntarily terminate your employment with the Company (other than for Good Reason), you shall not be entitled to any severance pay, severance benefits, or any compensation or benefits from the Company whatsoever, other than as required under applicable law.

Definitions:

Cause: For purposes of this Agreement, “Cause” shall mean (A) your willful refusal to perform in any material respect your duties or responsibilities for the Company or its affiliates or willful disregard in any material respect of any financial or other budgetary limitations established in good faith by the Board; or (B) your material breach of any provision of this Agreement that is not cured upon ten (10) days notice thereof; or (C) the engaging by you in conduct that causes material and demonstrable injury, monetarily or otherwise, to the Company or any affiliates, including, but not limited to, misappropriation or conversion of assets of the Company or any affiliates (other than

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non-material assets); or (D) your engagement in an act of moral turpitude or conviction of or entry of a plea of nolo contendere to a felony.

Change in Control: For purposes of this Agreement, “Change in Control” shall mean (i) the sale of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole to a person who is not an affiliate of the Company or the Sponsors; (ii) a sale by the Sponsors or any of their respective affiliates resulting in more than fifty percent (50%) of the voting shares of the Company being held by a person or related group of persons that does not include the Sponsors or any of their respective affiliates or (iii) a merger or consolidation of the Company into another person which is not an affiliate of the Company or the Sponsors, if and only if as a result of such merger or consolidation the Sponsors lose the ability to elect a majority of the Board (or the resulting entity).

Good Reason: For purposes of this Agreement, the term “Good Reason” shall mean any of the following: (A) a material reduction in your base salary (other than as part of a broad salary reduction program instituted because the Company or its affiliates is in financial distress); (B) a substantial reduction in your duties and responsibilities as Chief Financial Officer; this does not include the removal of other non-Finance functions such as Legal, Human Resources, Information Technology and/or Workplace Services from reporting to you; (C) the elimination or reduction of your eligibility to participate in the Company’s benefit programs that is inconsistent with the eligibility of executive employees of the Company to participate therein; (D) the Company informs you of its intention to transfer your primary workplace to a location that is more than 50 miles from your workplace as set forth herein; (E) the Company’s material breach of this Agreement that is not cured within sixty (60) days written notice thereof; and (F) any serious chronic mental or physical illness of a member of your family that requires you to terminate your employment because of substantial interference with your duties at the Company; provided, that at the Company’s request you shall provide the Company with a written physician’s statement confirming the existence of such mental or physical illness.

Separation from Service: For the purposes of this Agreement, the term “Separation from Service” shall mean “separation from service” within the meaning of Section 409A of the Code and the Department of Treasury regulations and other guidance promulgated thereunder.

Section 409A:

Notwithstanding any provision to the contrary in this Agreement, if you are deemed by the Company at the time of your Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the benefits to which you are entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of your benefits shall not be provided to you prior to the earlier of (a) the expiration of the six-month period measured from the date of your Separation from Service or (b) the date of your death. Upon the expiration of the applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this

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paragraph shall be paid in a lump sum to you, and any remaining payments due under the Agreement shall be paid as otherwise provided herein.

For purposes of Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), your right to receive the installment payments under this Agreement shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment.

Entire Agreement:

This Agreement and the documents referenced herein (including, without limitation, the equity-related documents) constitute the complete, final and exclusive embodiment of the entire agreement between you and the Company with respect to the terms and conditions of your employment specified herein. This Agreement supersedes any other such promises, warranties, representations or agreements. This Agreement may not be amended or modified except by a written instrument signed by you and an authorized representative of the Board.

Governing Law:

This Agreement will be governed by and construed in accordance with the laws of the State of California without regard to the conflicts of law provisions thereof.

Dispute Resolution:

To ensure the timely and economical resolution of disputes that arise in connection with your employment with the Company, you and the Company agree that any and all disputes, claims, or causes of action arising from or relating to the enforcement, breach, performance or interpretation of this Agreement, your employment, or the termination of your employment, shall be resolved to the fullest extent permitted by law by final, binding and confidential arbitration, by a single arbitrator, in Santa Clara County, California, conducted by Judicial Arbitration and Mediation Services, Inc. (“JAMS”) under the applicable JAMS employment rules. By agreeing to this arbitration procedure, both you and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award. The arbitrator shall be authorized to award any or all remedies that you or the Company would be entitled to seek in a court of law. The Company shall pay all JAMS’ arbitration fees in excess of the amount of court fees that would be required if the dispute were decided in a court of law. Nothing in this Agreement is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Notwithstanding the foregoing, you and the Company each have the right to resolve any issue or dispute over intellectual property rights by Court action instead of arbitration.

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     As required by law, this Agreement is subject to satisfactory proof of your right to work in the United States. This Agreement and your employment by the Company are also conditioned on the Company completing, to its satisfaction, a review of your personal and/or business references as well as a background check.

     Doug, we are looking forward to a long and fruitful working relationship with you. If you choose to accept this Agreement under the terms described above, please acknowledge your acceptance of our offer by returning a signed copy of this letter to our attention.

Sincerely,
 

/s/ Hock E. Tan  

Hock E. Tan 

President and Chief Executive Officer
Avago Technologies Limited 

Agreed and Accepted this 4^th day of July, 2008
 

/s/ Doug Bettinger  

Doug Bettinger 

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EX-99.1

Exhibit 99.1

Avago Technologies Appoints Douglas Bettinger As Chief Financial Officer

SAN JOSE, Calif., – July 16, 2008 –Avago Technologies, a leading supplier of analog interface components for communications, industrial and consumer applications, announced the appointment of Douglas R. Bettinger, 41, as its Senior Vice President and Chief Financial Officer, effective August 4, 2008.

“Doug brings an impressive background of international finance and operations experience to Avago and I am delighted to have him join our leadership team,” said Hock Tan, president and CEO of Avago Technologies. “I believe Doug is a great fit for our organization and I am confident of his ability to contribute substantially as we enter the next stage of growth in our business.”

“Avago has established itself as a leading player in the semiconductor industry, and I look forward to the opportunity to leverage my global financial and management expertise to further the company’s success,” said Mr. Bettinger.

Mr. Bettinger most recently served as Vice President of Finance and Corporate Controller at Xilinx, Inc. Prior to that, he was Chief Financial Officer at 24/7 Customer, a privately held company, where he established and managed worldwide financial and operations functions. Mr. Bettinger also spent 12 years at Intel Corporation, where he served in several senior-level finance and manufacturing operations positions, including Corporate Planning and Reporting Controller, and was instrumental in implementing Sarbanes-Oxley regulations and managed external reporting duties. He also served as Malaysia Site Operations Controller, overseeing the financial reporting for Intel’s largest assembly and test facility.

Mr. Bettinger holds a Bachelor’s of Science in Economics from the University of Wisconsin and an MBA in Finance from the University of Michigan.

About Avago Technologies

Avago Technologies is a leading supplier of analog interface components for communications, industrial and consumer applications. By leveraging its core competencies in III-V compound and silicon semiconductor design and processing, the company provides an extensive range of analog, mixed signal and optoelectronics components and subsystems to more than 40,000 customers. Backed by strong customer service support, the company’s products serve four diverse end markets: industrial and automotive, wired infrastructure, wireless communications, and computer peripherals. Avago has a global employee presence and heritage of technical innovation dating back 40 years to its Hewlett-Packard roots. Information about Avago is available on the Web at www.avagotech.com.

Investor Contact:
Jim Fanucchi
Summit IR Group Inc.
(408) 404-5400
jim@summitirgroup.com