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Phoenix Technologies Ltd. Names Richard Arnold Executive Vice President

October 2, 2006
Phoenix Technologies Ltd. Names Richard Arnold Executive Vice President. Check it out:
MILPITAS, Calif. --(Business Wire)-- Phoenix Technologies Ltd. (NASDAQ: PTEC), the global market leader in core system software, today announced that it has appointed Richard Arnold as Executive Vice President of Strategy and Corporate Development, effective immediately.



"We are very pleased to have Rich join the team at Phoenix," said Woody Hobbs, President and CEO. "He brings a combination of strategic thinking and extensive transactional experience. His knowledge of high technology companies and the related investment markets will assist us greatly as we build from the strong base we have here at Phoenix. Rich and I have previously worked together very successfully, at both Intellisync and Charles Schwab & Co, and I look forward to his help in building substantial value for the Phoenix shareholders as well."

Arnold served on the board of Intellisync Corporation as Chairman of both the Audit Committee and the Special Strategy Committee which led the Board process that concluded with the sale of Intellisync to Nokia, a $430 million transaction which closed in February 2006. He held numerous management roles at Charles Schwab and Co., Inc. between 1977 and 1990, including those of CFO, EVP Service Delivery and EVP Strategy and Corporate Development, during which time the company grew from approximately 30 employees to over 6,000. (Hobbs was CEO of Intellisync and both EVP and CIO of Schwab during Arnold's tenure with those companies.)

Since June 2001, Arnold has served as a founding partner of Committed Capital Proprietary Limited, a private equity investment company based in Sydney, Australia. He had previously served as Executive Director of Consolidated Press Holdings, a private investment company based in Sydney. Previously, Arnold served as Managing Director of TD Waterhouse Australia, a securities dealer; as Chief Executive Officer of Integrated Decisions and Systems, Inc., an application software company; and as Managing Director of Eagleroo Proprietary Limited, a corporate advisory company.

Arnold is a graduate of Stanford University, the Executive Program in Finance at Stanford's Graduate School of Business and the NYSE and NASDAQ sponsored Director's College. He has been an Allied Member of the New York Stock Exchange and both a Registered Principal and a Registered Financial and Operations Principal of the NASD.

In connection with his appointment, and as an incentive to his joining, Arnold was granted a non-qualified inducement stock option to purchase 600,000 shares of common stock of Phoenix, par value $0.001 per share, with an exercise price equal to $4.45 (USD), the closing sale price of the Company's stock on September 27, 2006, the grant date. Assuming Arnold remains actively employed by Phoenix, the option will vest and become exercisable with respect to 25% of the total number of shares underlying the option on September 27, 2007, and 1/48 of the total number of shares underlying the option each month thereafter. The vesting of the options will accelerate if Arnold's employment is terminated without cause or for good reason after a change of control. If the change of control occurs within six months of Arnold's date of hire, 1/3 of the shares will vest, if the change of control occurs after six months but less than 12 months after Arnold's date of hire, 2/3 of the shares will vest, and if the change of control occurs after 12 months, all of the shares will vest. The inducement options were granted outside of the terms of any existing Phoenix equity incentive plan and without shareholder approval pursuant to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv).

About Phoenix Technologies Ltd.

Phoenix Technologies Ltd. (NASDAQ: PTEC) is a global market leader in core system software and applications that assure endpoint confidence. The company first established dominant industry leadership 26 years ago with BIOS software, currently has over one billion products deployed and continues to ship in over 100 million new systems each year. From this unique foundation, Phoenix has created a portfolio of innovative software products that simply and easily identify and restore devices, thereby ensuring unparalleled endpoint security and availability.

With a focused commitment to the highest levels of customer confidence and satisfaction, Phoenix serves enterprise and government channel partners, ODMs, OEMs, system builders and ISVs by enabling them to decrease time to market, differentiate their products, create value, increase profits and lower cost of ownership. Phoenix is headquartered in Milpitas, Calif., with offices worldwide in global business and technology centers. For more information, visit www.phoenix.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: With the exception of historical information, the statements set forth above include forward-looking statements that involve risk and uncertainties. All forward-looking statements included in this document are based upon information available to the Company as of the date hereof, and the Company assumes no obligation to update any such forward looking statement. Factors that could cause actual results to differ materially from those in the forward looking statements are discussed in the Company's filings with the Securities and Exchange Commission.

Phoenix, Phoenix Technologies, and the Phoenix Technologies logo are trademarks and/or registered trademarks of Phoenix Technologies Ltd. All other trademarks are the property of their respective owners.


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