EX-10.32



 Exhibit 10.32 





 
 Fairchild Semiconductor 2007 Stock Plan 

Deferred Stock Unit Agreement 

PARTICIPANT: 
 DATE OF GRANT: May 7, 2014

 NUMBER OF DEFERRED STOCK UNITS GRANTED: 10,000 

THIS AGREEMENT, effective as of the Date of Grant set forth above, is between Fairchild Semiconductor International, Inc., a Delaware corporation (the
“Company”, “we”, “our” or “us”) and the Participant named above (“you” or “yours”), pursuant to the provisions of the Fairchild Semiconductor 2007 Stock Plan (the “Plan”) with
respect to the number of Deferred Stock Units (“Units”) specified above. Capitalized terms used and not defined in this Agreement shall have the meanings given to them in the Plan. This Agreement consists of this document, any related
Settlement Election Form, and the Plan. 
 You and the Company agree as follows: 
  

					
	1. Application of Plan; Administration	  	This Agreement and your rights under this Agreement are subject to all the terms and conditions of the Plan, as it may be amended from time to time, as well as to such rules and regulations as the Administrator may
adopt. It is expressly understood that the Administrator that administers the Plan is authorized to administer, construe and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be
binding upon you to the extent permitted by the Plan. Any inconsistency between this Agreement and the Plan shall be resolved in favor of the Plan.
		
	2. Vesting	  	The Units will vest (becoming “Vested Units”) on the following dates (each a “Vesting Date” and collectively, the “Vesting Dates”) if you are a member of the Board on those
dates:


					
		
	Vesting Date	  	Percentage Vested	 
	  	 (including portion that

vested the preceding year)
	 
		
	 Last date prior to the date on which the Company holds its 2013 annual stockholders’ meeting
	  	 	33	% 
	 Last date prior to the date on which the Company holds its 2014 annual stockholders’ meeting
	  	 	66	% 
	 Last date prior to the date on which the Company holds its 2015 annual stockholders’ meeting
	  	 	100	% 

  

					
		  	 ; provided, that, your Units will vest in their entirety upon your Retirement.

		
	3. Rights as Stockholder	  	Except as otherwise provided in this Agreement, you will not be entitled to any privileges of ownership of the Shares underlying your Units unless and until Shares are actually delivered to you under this
Agreement.
		
	4. Dividends	  	You will be credited with additional Deferred Stock Units having a value equal to declared dividends, if any, with record dates that occur prior to the settlement of any Units as if such Units had been actual Shares,
based on the Fair Market Value of a Share on the applicable dividend payment date. Any such additional Deferred Stock Units shall be considered Units under this Agreement and shall also be credited with additional Deferred Stock Units as dividends,
if any, are declared, and shall be subject to the same restrictions and conditions as Units with respect to which they were credited. Notwithstanding the foregoing, no such additional Deferred Stock Units will be credited with respect to any
dividend in connection with which Units are adjusted pursuant to Section 12(d) of the Plan. Any reinvestment of dividends in additional Deferred Stock Units shall be subject to the Plan.









					
	5. Settlement of Units	  	 (a)    Time of Settlement. Each Vested Unit will be settled
by the delivery of one Share to you or, in the event of your death, to your designated beneficiary, promptly following the date (such date, the “Settlement Date”) you have elected on the attached Settlement Election Form. You hereby
authorize any brokerage service provider determined acceptable to the Company, to open a securities account for you to be used for the settlement of Vested Units. You may change the Settlement Election Date one time only, and only to a later date,
as provided in Section 3 of the Settlement Election Form, subject to the important restrictions contained in such Section 3.
  

(b)    Termination Prior to Settlement Date. If your service as a member on the Board is
terminated prior to any Settlement Date, your Units will be treated as specified in the Settlement Election Form.
  

(c)    Forfeiture of Unvested Units. All Units that are not Vested Units at the time your
service as a member on the Board is terminated will be forfeited effective as of the date of such termination of service.

		
	6. Transferability	  	 (a)    Your Units are not transferable, whether voluntarily or
involuntarily, by operation of law or otherwise, except as provided in the Plan. Any assignment, pledge, transfer, or other disposition, voluntary or involuntary, of your Units made, or any attachment, execution, garnishment, or lien issued against
or placed upon the Units, other than as so permitted, shall be void.
  

(b)    You acknowledge that, from time to time, the Company may be in a “blackout
period” and/or subject to applicable securities laws that could subject you to liability for engaging in any transaction involving the sale of the Company’s shares. You further acknowledge and agree that, prior to the sale of any Shares,
it is your responsibility to determine whether or not such sale of Shares will subject you to liability under insider trading rules or other applicable securities laws.

		
	7. Taxes	  	You are solely liable and responsible for the satisfaction and payment of all taxes owed by you in connection with your Units, regardless of any action the Company takes with respect to any tax obligations that arise in
connection with the Units. The Company makes no representation or undertaking regarding the treatment of any tax withholding in connection with the grant or vesting of the Units or the subsequent sale of any of the Shares underlying the Units that
vest. The Company does not commit and is under no obligation to structure this Agreement to reduce or eliminate your tax liability.
		
	8. Electronic Delivery	  	The Company may, in its sole discretion, decide to deliver any documents related to any awards granted under the Plan by electronic means or to request your consent to participate in the Plan by electronic means. You
hereby consent to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the
Company, and such consent shall remain in effect throughout your term of service with the Company and thereafter until withdrawn in writing by you.
		
	10. Miscellaneous	  	 (a)    This Agreement shall not confer upon you any right to
continue in the service of the Company or any Affiliate, nor shall this Agreement interfere in any way with the Company’s or such Affiliate’s right to terminate your service at any time.

 
 (b)    Any Units granted
under the terms of this Agreement are entirely at the discretion of the Company. Without limiting the generality of Section 1 above, with the approval of the Board, and subject to the terms of the Plan, the Administrator may terminate, amend, or
modify the Plan; provided, however, that except as provided in the Plan, no such termination, amendment, or modification of the Plan may impair your rights under this Agreement without your consent.

 
 (c)    This Agreement will be
subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or stock exchanges as may be required.
  

(d)    To the extent not preempted by U.S. federal law, this Agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware.



							
		
	11. Signatures	  	By the signatures below, the Participant and the authorized representative of the Company acknowledge agreement to this Deferred Stock Unit Agreement as of the Grant Date specified above.
				
		  	PARTICIPANT:	 		 	FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC.
				
		  	  
	 		 	
		  	[name]	 		 	Mark S. Thompson
		  		 		 	Chairman and CEO








  
 



 
 Fairchild Semiconductor Stock Plan 

Deferred Stock Unit Settlement Election Form 

This Settlement Election Form relates to the following grant of Deferred Stock Units: 

PARTICIPANT: 
 DATE OF GRANT: 

NUMBER OF DEFERRED STOCK UNITS GRANTED: 
  

					
	1. Settlement Election	  	Subject to Sections 2 and 3 below, I elect to have all Vested Units that I may hold under the Deferred Stock Unit Award Agreement to which this election relates settled by delivery of Shares to me on
                ,                 , which date is at least five (5) years following the
date of the Company’s 2014 Annual Stockholders’ Meeting held on May 7, 2014.
		
	2. Settlement Upon Termination	  	I hereby acknowledge and agree that if, prior to the settlement election date specified above (a) my service as a member of the Board is terminated for any reason (including, without limitation, as a result of my death
or Disability) other than for cause under applicable law, any Vested Units will be settled following my termination date, and (b) my service as a member of the Board is terminated for cause under applicable law, all unsettled Units (including Vested
Units) will be immediately forfeited.
		
	3. One-Time Change of Election Permitted	  	I understand that I can change the date specified as my settlement election date in Section 1 above once, but only once, to a Settlement Date that must be at least five years after the date initially
indicated in Section 1 above, by filing a new signed Settlement Election Form with the Company at any time on or before the day (the “Change Deadline Day”) that falls one year before the Settlement Date that would occur based on my initial
election in Section 1. I understand that (a) I cannot change my election after the Change Deadline Day, (b) I cannot change my election more than once and (c) the later Settlement Date I choose must occur at least five years after the initial
specified date indicated in my previously filed Settlement Election Form. If the Change Deadline Day falls on a day that is not a business day for the Company, then the last day to change the election in Section 1 will be the first business day
preceding the Change Deadline Day. Any new Settlement Election Form will revoke the previously filed Settlement Election Form, except that, if any Settlement Date purportedly elected on the new form falls within five years after the specified date
indicated in my previously filed Settlement Election Form, then such new form will have no effect and the previously elected Settlement Date shall continue to apply.


							
				
	4. Signature	  		 		  	
		  	PARTICIPANT:	 		  	DATED AS OF:
				
		  	  
	 		  	  

		  	[name]