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                                                                   EXHIBIT 10.23



                              EMPLOYMENT AGREEMENT


        THIS EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into as
of April 11, 2001, by and between Dallas Semiconductor Corporation, a Delaware
corporation (the "Company"), and Alan P. Hale ("Executive").

        1.     Employment.

               1.1 Engagement of Executive. The Company agrees to employ
        Executive as a member of the senior management of the Company and
        Executive will be charged with the supervision of such activities of the
        Company as delegated by the Board of Directors of the Company (the
        "Board," which such terms shall be deemed to also include the board of
        directors of Parent (as defined below)), and Executive agrees to accept
        such employment, all in accordance with the terms and conditions of this
        Agreement.

               1.2 Duties and Powers. At all times during the Employment Period
        (as defined herein), Executive will serve as a member of the Company's
        senior management and will be charged with the supervision and
        management of such activities of the Company as delegated by the Board
        and will have such responsibilities, titles, duties and authorities, and
        will render such services for the Company and its affiliates as the
        Board shall from time to time reasonably direct.

               1.3 Employment Period. Executive's employment under this
        Agreement shall be for a period of one (1) year beginning on the date
        hereof (the "Employment Period"). Notwithstanding anything to the
        contrary contained herein, the Employment Period is subject to
        termination by the mutual written consent of Executive and the Company.
        In addition, subject to the provisions of Section 1.4, either party may
        terminate this Agreement on thirty (30) days written notice.

               1.4 Cash Payment. Subject to Executive's continuous employment
        with the Company or its ultimate parent corporation (the "Parent"), or
        an affiliate thereof, Executive shall be entitled to receive a cash
        payment in the amount of $247,978 on the first anniversary of the date
        of this Agreement; provided, however, that, notwithstanding the
        foregoing, the Executive shall be immediately entitled to such payment
        in the event that the Executive is terminated by the Company, Parent or
        any affiliate thereof (i) for any reason (other than Executive's
        voluntary termination), (ii) as the result of a Constructive Termination
        (as defined below) or (iii) as a result of the Executive's death or
        Disability (as defined below). For purposes hereof, "Constructive
        Termination" means (A) an adverse change in Executive's responsibilities
        or the person to whom Executive directly reports subsequent to the date
        of this Agreement; or (B) a decrease in Executive's salary, benefits or
        perquisites (other than equity-based awards or grants), other than as a
        result of any amendment or termination of any employee and/or executive
        benefit plan or arrangement, which amendment or termination is
        applicable to all qualifying executives of the Company or the Parent.
        For purposes hereof, "Disability" means Executive's inability to
        perform, by reason of physical or mental incapacity, Executive's
        material duties or obligations to the Company,



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        the Parent or an affiliate thereof, as applicable, with or without
        reasonable accommodation, for a total period of 21 consecutive days in
        any 90-day period, as determined by the board of directors of the Parent
        (such determination not to be arbitrary or unreasonable).

        2.     Compensation and Benefits.

               2.1 Salary. In consideration of Executive performing his duties
        under this Agreement during the Employment Period, the Company will pay
        Executive a base salary at a rate of $208,650 per annum (the "Base
        Salary"), payable in accordance with the Company's regular payroll
        policy for salaried executives. The Base Salary may be increased (but
        not decreased), from time to time during the Employment Period, as
        determined by the Board in its sole discretion. If the Employment Period
        is terminated pursuant to Section 1.4 above, then the Base Salary for
        any partial year will be prorated based on the number of days elapsed in
        such year during which services were actually performed by Executive.

               2.2 Bonus. At the end of the Employment Period, Executive shall
        be eligible to participate in the bonus plan applicable to the Company's
        senior executives. The criteria and/or goals for such bonus plan shall
        be established by the Board. All bonuses awarded to Executive hereunder
        shall be payable in accordance with Company policy.

               2.3 Stock Options. Executive shall be eligible to participate in
        the stock option plans applicable to the Company's senior executives and
        shall receive grants thereunder as may be determined by the Board from
        time to time.

               2.4 Benefits, Expenses and Pension Plan. During the Employment
        Period, the Company agrees to provide to Executive such fringe and other
        employee benefits as are generally provided, from time to time, to
        senior executives of the Company, including, without limitation,
        vacation, health and insurance benefits. The Company shall retain the
        right to discontinue or modify any employee benefit program at any time.
        The Company will reimburse Executive in accordance with Company policy
        for his normal out-of-pocket expenses incurred in the course of
        performing his duties hereunder.

        3.     Noncompetition; Nonsolicitation; Confidentiality.

               3.1 Noncompetition; Nonsolicitation. Executive acknowledges and
        recognizes the highly competitive nature of the businesses of the
        Company and its affiliates and accordingly agrees as follows:

                   (a) During the Employment Period and, for a period of one
               year following the date Executive ceases to be employed by the
               Company (the "Restricted Period"), Executive will not, whether on
               Executive's own behalf or on behalf of or in conjunction with any
               person, company, business entity or other organization
               whatsoever, directly or indirectly solicit or assist in
               soliciting in competition with the Company, the business of any
               client or prospective client:

                       (i) with whom Executive had personal contact or dealings
                   on




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                   behalf of the Company during the one year period preceding
                   Executive's termination of employment;

                       (ii) with whom employees reporting to Executive have had
                   personal contact or dealings on behalf of the Company during
                   the one year immediately preceding the Executive's
                   termination of employment; or

                       (iii) for whom Executive had direct or indirect
                   responsibility during the one year immediately preceding
                   Executive's termination of employment.

                   (b) During the Restricted Period, Executive will not directly
               or indirectly:

                       (i) engage in any business that competes with the
                   business of the Company or its affiliates (including, without
                   limitation, businesses which the Company or its affiliates
                   have specific plans to conduct in the future and as to which
                   Executive is aware of such planning) in any geographical area
                   that is within 100 miles of any geographical area where the
                   Company or its affiliates manufactures, produces, sells,
                   leases, rents, licenses or otherwise provides its products or
                   services (a "Competitive Business");

                       (ii) enter the employ of, or render any services to, any
                   person or entity (or any division of any person or entity)
                   who or which engages in a Competitive Business;

                       (iii) acquire a financial interest in, or otherwise
                   become actively involved with, any Competitive Business,
                   directly or indirectly, as an individual, partner,
                   shareholder, officer, director, principal, agent, trustee or
                   consultant; or

                       (iv) interfere with, or attempt to interfere with,
                   business relationships (whether formed before, on or after
                   the date of this Agreement) between the Company or any of its
                   affiliates and customers, clients, suppliers of the Company
                   or its affiliates.

                       Notwithstanding anything to the contrary in this
                   Agreement, Executive may, directly or indirectly own, solely
                   as an investment, securities of any person engaged in the
                   business of the Company or its affiliates which are publicly
                   traded on a national or regional stock exchange or on the
                   over-the-counter market if Executive (x) is not a controlling
                   person of, or a member of a group which controls, such person
                   and (y) does not, directly or indirectly, own 5% or more of
                   any class of securities of such person.

                   (c) During the Restricted Period, Executive will not, whether
               on Executive's own behalf or on behalf of, or in conjunction
               with, any person, company, business entity or other organization
               whatsoever, directly or indirectly:




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                       (i) solicit or encourage any employee of the Company or
                   its affiliates to leave the employment of the Company or its
                   affiliates; or

                       (ii) hire any such employee who was employed by the
                   Company or its affiliates as of the date of Executive's
                   termination of employment with the Company or who left the
                   employment of the Company or its affiliates coincident with,
                   or within six months prior to or one year after, the
                   termination of Executive's employment with the Company.

                   (d) During the Restricted Period, Executive will not,
               directly or indirectly, solicit or encourage to cease to work
               with the Company or its affiliates any consultant then under
               contract with the Company or its affiliates.

                   It is expressly understood and agreed that although Executive
               and the Company consider the restrictions contained in this
               Section 3.1 to be reasonable, if a final judicial determination
               is made by a court of competent jurisdiction that the time or
               territory or any other restriction contained in this Agreement is
               an unenforceable restriction against Executive, the provisions of
               this Agreement shall not be rendered void but shall be deemed
               amended to apply as to such maximum time and territory and to
               such maximum extent as such court may judicially determine or
               indicate to be enforceable. Alternatively, if any court of
               competent jurisdiction finds that any restriction contained in
               this Agreement is unenforceable, and such restriction cannot be
               amended so as to make it enforceable, such finding shall not
               affect the enforceability of any of the other restrictions
               contained herein.

               3.2 Confidentiality. Executive will not at any time (whether
        during or after Executive's employment with the Company) disclose,
        retain, or use for Executive's own benefit, purposes or account or the
        benefit, purposes or account of any other person, firm, partnership,
        joint venture, association, corporation or other business organization,
        entity or enterprise other than the Company and any of its subsidiaries
        or affiliates, any trade secrets, know-how, software developments,
        inventions, formulae, technology, designs and drawings or any Company
        property or confidential information relating to research, operations,
        finances, current and proposed products and services, vendors,
        customers, advertising, costs, marketing, trading, investment, sales
        activities, promotion, manufacturing processes, or the business and
        affairs of the Company generally, or of any subsidiary or affiliate of
        the Company ("Confidential Information") without the written
        authorization of the Board; provided, however, that the foregoing shall
        not apply to information that is not unique to the Company or that is
        generally known to the industry or the public, other than as a result of
        Executive's breach of this covenant or the wrongful acts of others who
        were under confidentiality obligations as to the item or items involved.
        Except as required by law, Executive will not disclose to anyone, other
        than his immediate family and legal or financial advisors, the existence
        or contents of this Agreement. Executive agrees that, upon termination
        of Executive's employment with the Company for any reason, he will
        return to the Company immediately all memoranda, books, papers, plans,
        information, letters and other data, and all copies thereof or
        therefrom, in any way relating to the business of the




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        Company, its affiliates and subsidiaries, except that he may retain only
        those portions of personal notes, notebooks and diaries that do not
        contain Confidential Information of the type described in the preceding
        sentence. Executive further agrees that he will not retain or use for
        Executive's own benefit, purposes or account or the benefit, purposes or
        account of any other person, firm, partnership, joint venture,
        association, corporation or other business designation, entity or
        enterprise, other than the Company and any of its subsidiaries or
        affiliates, at any time any trade names, trademark, service mark, other
        proprietary business designation, patent, or other intellectual property
        used or owned in connection with the business of the Company or its
        affiliates.

        4.     Miscellaneous.

               4.1 Assignment. No party hereto may assign or delegate any of its
        rights or obligations hereunder without the prior written consent of the
        other party hereto; provided, however, that the Company shall have the
        right to assign all or any part of its rights and obligations under this
        Agreement (a) to any affiliate of the Company to which the business of
        the Company is assigned at any time, any subsidiary or affiliate of the
        Company or any surviving entity following any merger or consolidation of
        any of those entities with any entity other than the Company, or (b) in
        connection with the sale of the Company. Except as otherwise expressly
        provided herein, all covenants and agreements contained in this
        Agreement by or on behalf of any of the parties hereto shall bind and
        inure to the benefit of the respective legal representatives, heirs,
        successors and assigns of the parties hereto whether so expressed or
        not.

               4.2 Entire Agreement. Except as otherwise expressly set forth
        herein, this Agreement and all other agreements entered into by the
        parties hereto on the date hereof set forth the entire understanding of
        the parties, and supersede and preempt all prior oral or written
        understandings and agreements with respect to the subject matter hereof.

               4.3 Severability. Whenever possible, each provision of this
        Agreement shall be interpreted in such manner as to be effective and
        valid under applicable law, but if any provision of this Agreement is
        held to be prohibited by or invalid under applicable law, such provision
        shall be ineffective only to the extent of such prohibition or
        invalidity, without invalidating the remainder of this Agreement.

               4.4 Amendment; Modification. No amendment or modification of this
        Agreement and no waiver by any party of the breach of any covenant
        contained herein shall be binding unless executed in writing by the
        party against whom enforcement of such amendment, modification or waiver
        is sought. No waiver shall be deemed a continuing waiver or a waiver of
        any subsequent breach or default, either of a similar or different
        nature, unless expressly so stated in writing.

               4.5 Governing Law. This Agreement shall be construed and enforced
        in accordance with, and all questions concerning the construction,
        validity, interpretation and performance of this Agreement shall be
        governed by, the laws of the State of Texas, without giving effect to
        provisions thereof regarding conflict of laws.




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               4.6 Notices. All notices, demands or other communications to be
        given or delivered hereunder or by reason of the provisions of this
        Agreement shall be in writing and shall be deemed to have been properly
        served if (a) delivered personally, (b) delivered by a recognized
        overnight courier service, (c) sent by certified or registered mail,
        return receipt requested and first class postage prepaid, or (d) sent by
        facsimile transmission. Such notices, demands and other communications
        shall be sent to the addresses indicated below:

               If to Executive:

               Alan P. Hale
               5616 Walnut Spring Court
               Dallas, Texas  75252

               with a copy to:

               Jenkens & Gilchrist, P.C.
               1445 Ross Avenue, Suite 3200
               Dallas, Texas  75202
               Attn:  Ronald J. Frappier, Esq.

               If to the Company:

               Dallas Semiconductor Corporation
               4401 South Beltwood Parkway
               Dallas, Texas  75244
               Attn:  General Counsel




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               with a copy to:

               Jenkens & Gilchrist, P.C.
               1445 Ross Avenue, Suite 3200
               Dallas, Texas  75202
               Attn:  M. D. Sampels, Esq.

                   or to such other address or to the attention of such other
               person as the recipient party has specified by prior written
               notice to the sending party. Date of service of such notice shall
               be (i) the date such notice is personally delivered or sent by
               facsimile transmission (with issuance by the transmitting machine
               of a confirmation of successful transmission), (ii) three
               business days after the date of mailing if sent by certified or
               registered mail or, (iii) one business day after date of delivery
               to the overnight courier if sent by overnight courier.

               4.7 Counterparts. This Agreement may be executed in multiple
        counterparts, each of which shall be deemed an original, but all of
        which taken together shall constitute one and the same Agreement.

               4.8 Descriptive Headings; Interpretation. The descriptive
        headings in this Agreement are inserted for convenience of reference
        only and are not intended to be part of or to affect the meaning or
        interpretation of this Agreement. The use of the word "including" in
        this Agreement shall be by way of example rather than by limitation.

               4.9 No Strict Construction. The language used in this Agreement
        will be deemed to be the language chosen by the parties hereto to
        express their mutual interest, and no rule of strict construction will
        be applied against any party hereto.

               4.10 Specific Performance. Executive acknowledges and agrees that
        the Company's remedies at law for a breach or threatened breach of any
        of the provisions of Section 3.1 or Section 3.2 would be inadequate and
        the Company would suffer irreparable damages as a result of such breach
        or threatened breach. In recognition of this fact, Executive agrees
        that, in the event of such a breach or threatened breach, in addition to
        any remedies at law, the Company, without posting any bond, shall be
        entitled to cease making any payments or providing any benefit otherwise
        required by this Agreement and obtain equitable relief in the form of
        specific performance, temporary restraining order, temporary or
        permanent injunction or any other equitable remedy which may then be
        available.


                            [SIGNATURE PAGE FOLLOWS]




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        IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.



                                             COMPANY:

                                             DALLAS SEMICONDUCTOR CORPORATION



                                             By:    /s/ Chao C. Mai
                                                    ----------------------------
                                             Name:  Chao C. Mai
                                             Title: President


                                             EXECUTIVE:



                                                    /s/ Alan P. Hale
                                             -----------------------------------
                                             Alan P. Hale




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